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The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -11.71 mmb to 1321.88 mmb in the week ended January 22. Crude oil inventory dropped -9.91 mmb (consensus: +0.43 mmb) to 476.65 mmb. Stockpile decreased in 4 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw -6.43 mmb decline in stockpile. Cushing stock slipped -2.28 mmb to 50.22 mmb. Utilization rate decreased -0.8 percentage point to 81.7% while crude production slid -0.1M bpd to 10.9M bpd for the week. Crude oil imports dropped -0.98M bpd to 5.06M bpd in the week.
Concerning refined oil product inventories, gasoline inventory gained +2.47 mmb to 247.69 mmb as demand fell -3.44% to 7.73M bpd. The market had anticipated a +1.76 mmb increase in stockpile. Production dropped -2.39% to 8.67M bpd while imports plunged -7.74% to 0.47M bpd during the week. Distillate stockpile slipped -0.82 mmb to 162.85 mmb. The market had anticipated a -0.36 mmb decrease. Demand rose +12.54% to 4.3M bpd. Production slipped -0.24% to 4.52 mmb while imports added +3.04% to 0.47M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory dropped -5.27 mmb. Gasoline stockpile jumped +3.06 mmb, while that for distillate soared +1.4 mmb.