US Crude Oil Inventory Fell, While Fuel Stockpile Gained

US Crude Oil Inventory Fell, While Fuel Stockpile Gained








The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks jumped +11.66 mmb to 1315.23 mmb in the week ended July 12. Crude oil inventory declined -3.12 mmb to 455.88 mmb (consensus: -2.69 mmb). Inventories fell in 4 out of 5 PADDs. Stockpile in PADD2 (Midwest) alone dipped -1.5 mmb during the week. Cushing stock slipped -1.35 mmb to 50.83 mmb. Utilization rate dropped -0.3 percentage point to 94.4% while crude production slipped -0.3M bpd to 12M bpd for the week. Crude oil imports dropped -0.47M bpd to 6.83M bpd in the week.

Concerning refined oil product inventories, gasoline inventory rose +3.57 mmb to 232.75 mmb as demand plunged -5.54% to 9.21M bpd. The market had anticipated a -0.93 mmb decrease in stockpile. Production fell -5.4% to 9.86 bpd while imports slipped -2.18% to 0.85M bpd during the week. Distillate inventory gained +5.69 mmb to 136.2 mmb. Demand added +0.39% to 3.57M bpd. The market had anticipated a +0.61 mmb increase in inventory. Production was largely unchanged at 5.36M bpd while imports slumped -27.1% to 0.13M bpd during the week. Released after market close on Thursday, the industry- sponsored API estimated that crude oil inventory dropped -1.4 mmb during the week. For refined oil products, gasoline stockpile slipped -0.48 mmb while distillate gained +6.2 mmb.



Source link Google News

Share