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The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks added +0.63 mmb to 1233.92 mmb in the week ended October 29. Crude oil inventory rose +3.29 mmb to 434.1 mmb, compared with consensus of a +2.23 mmb increase. Inventory increased in 4 out of 5 PADDs. PADD3 (Gulf Coast) alone saw +1.96 mmb growth during the week. Cushing stock slipped -0.92 mmb to 26.42. Utilization rate added +1.2 percentage points to 86.3% while crude production added +0.2 mmb to 11.5M bpd for the week. Crude oil imports decreased -0.08M bpd to 6.17M bpd in the week.
Concerning refined oil product inventories, gasoline inventory dropped -1.49 mmb to 214.26 mmb while demand added +1.94% to 9.5M bpd. The market had anticipated a -1.33 mmb fall in stockpile. Production gained +1.03% to 10.18M bpd while imports soared +29.98% to 0.56M bpd during the week. Distillate stockpile gained +2.16 mmb to 127.12 mmb. The market had anticipated a -1.44 mmb decrease. Demand fell -4.73% to 3.87M bpd. Imports dlumped -41.54% to 0.2 mmb while production rose +5.5% to 4.83M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory rose +3.59 mmb. Gasoline stockpile slipped -0.55 mmb, while that for distillate was up +0.57 mmb.