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The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks soared +3.59 mmb to 1288.89 mmb in the week ended March 12. Crude oil inventory gained +2.4 mmb (consensus: +2.96 mmb,) to 500.8 mmb. Stockpile increased in 2 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw stock-build of +5.26 mmb. Cushing stock slipped -0.62 mmb to 48.2 mmb. Utilization rate rose +7.1 percentage point to 76.1% while crude production steadied at 10.9M bpd for the week. Crude oil imports dropped -0.33M bpd to 5.23M bpd in the week.
Concerning refined oil product inventories, gasoline inventory increased for the first time in 3 weeks, by +0.47 mmb, to 232.08 mmb as demand fell -3.25% to 8.44M bpd. The market had anticipated a -3 mmb decrease in stockpile. Production slipped -1.42% to 8.88M bpd while imports rose +57.71% to 0.91M bpd during the week. Distillate stockpile added +0.26 mmb to 137.75 mmb. This is the first time in 8 weeks that distillate inventory increased. The market had anticipated a -3.38 mmb decrease. Demand slumped -10.23% to 4.03M bpd. Production gained +14.15% to 4.23 mmb while imports jumped +11.02% to 0.52M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory dropped -1 mmb. Gasoline stockpile dipped -0.93 mmb, while that for distillate added +0.9 mmb.