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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 -5.98 mmb to 1217.89 mmb in the week ended November 19. Crude oil inventory added +1.02 mmb to 434 mmb, compared with consensus of a -0.48 mmb increase. Inventory increased in 3 out of 5 PADDs. PADD 5 (West Coast) alone saw a +3.05 mmb jump in stockpile during the week. Cushing stock added +0.79 mmb to 27.39 mmb. Utilization rate added +0.7 percentage points to 88.6% while crude production added +0.1 mmb to 11.5M bpd for the week. Crude oil imports increased +0.25M bpd to 6.44M bpd in the week.
Concerning refined oil product inventories, gasoline inventory slipped -0.6 mmb to 211.39 mmb while demand added +1.01% to 9.33M bpd. The market had anticipated a -0.46 mmb fall in stockpile. Production jumped +10.76% to 10.99M bpd while imports plunged -41.31% to 0.48M bpd during the week. Distillate stockpile dropped -1.97 mmb to 121.72 mmb. The market had anticipated a -1 mmb decrease. Demand added +0.94% to 4.39M bpd. Imports soared +38.91% to 0.33 mmb while production slipped -1.2% to 4.78M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory climbed higher, by +0.2.31 mmb. Gasoline stockpile added +0.6 mmb, while that for distillate was down -1.5 mmb.