US Crude Oil Inventory Resumed Decline

US Crude Oil Inventory Resumed Decline








The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks soared +4 mmb to 1315.23 mmb in the week ended August 16. Crude oil inventory declined -2.73mmb to 437.78 mmb (consensus: -1.89 mmb). Inventories decreased in 3 out of 5 PADDs. PADD 2 (Midwest) alone saw inventory draw of -2.64 mmb. Cushing stock dropped -2.49 mmb to 42.34 mmb. Utilization rate added +1.1 percentage point to 95.9% while crude production steadied at 12.3M bpd for the week. Crude oil imports slipped -0.5M bpd to 7.22M bpd in the week.

Concerning refined oil product inventories, gasoline inventory added +0.31 mmb to 234.07 mmb as demand dropped -3.08% to 9.63M bpd. The market had anticipated a +0.17 mmb increase in stockpile. Production dropped -3% to 9.9 bpd while imports jumped +10.81% to 0.89M bpd during the week. Distillate inventory rose +2.61 mmb to 138.12 mmb. Demand slipped -2.62% to 3.76M bpd. The market had anticipated a +0.31 mmb increase in inventory. Production rose +5.18% to 5.34M bpd while imports soared +66.67% to 0.21M bpd during the week.

Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory declined -3.5 mmb during the week. For refined oil products, gasoline stockpile decreased -0.4 mmb while distillate added +1.8 mmb.

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