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The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks gained +2.92 mmb to 1324.8 mmb in the week ended January 29. Crude oil inventory slipped -0.99 mmb (consensus: +0.45 mmb) to 475.66 mmb. Stockpile decreased in 4 out of 5 PADDs. PADD 2 (Midwest) alone saw -1.46 mmb decline in stockpile. Cushing stock dropped -1.52 mmb to 48.7 mmb. Utilization rate decreased -0.6 percentage point to 82.3% while crude production steadied 10.9M bpd for the week. Crude oil imports added +1.44M bpd to 6.51M bpd in the week.
Concerning refined oil product inventories, gasoline inventory rose +4.47 mmb to 252.15 mmb as demand slipped -0.8% to 7.77M bpd. The market had anticipated a +1.13 mmb increase in stockpile. Production dropped -2.92% to 8.42M bpd while imports jumped +22.15% to 0.57M bpd during the week. Distillate stockpile slipped -0.01 mmb to 162.84 mmb. The market had anticipated a -0.43 mmb decrease. Demand dropped -2.37% to 4.2M bpd. Production added +2.3% to 4.62 mmb while imports rose +9.28% to 0.52M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory fell -4.26 mmb. Gasoline stockpile slipped -0.24 mmb, while that for distillate dropped -1.62 mmb.