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The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slumped -11.17 mmb to 1313.63 mmb in the week ended February 5. Crude oil inventory sank -6.65 mmb (consensus: +0.99 mmb) to 469.01 mmb. Stockpile decreased in 4 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw -4.54 mmb decline in stockpile. Cushing stock dropped -0.66 mmb to 48.04 mmb. Utilization rate increased +0.7 percentage point to 83% while crude production added +0.1M bpd to 11M bpd for the week. Crude oil imports dropped -0.65M bpd to 5.86M bpd in the week.
Concerning refined oil product inventories, gasoline inventory rose +4.26 mmb to 256.41 mmb although demand added +1.12 to 7.86M bpd. The market had anticipated a +1.81 mmb increase in stockpile. Production gained +2.8% to 8.66M bpd while imports jumped +15.67% to 0.66M bpd during the week. Distillate stockpile dropped -1.73 mmb to 161.11 mmb. The market had anticipated a -0.79 mmb decrease. Demand increased +2.62% to 4.31M bpd. Production added +0.82% to 4.66 mmb while imports plunged -31.27% to 0.36M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory fell -3.5mmb. Gasoline stockpile rose +4.82 mmb, while that for distillate dropped -0.49 mmb.