Products You May Like
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks rose +4.27 mmb to 1222.16 mmb in the week ended December 3. Crude oil inventory slipped -0.24 mmb to 432.87 mmb, compared with consensus of a -1.71 mmb decrease. Inventory increased in 3 out of 5 PADDs. Cushing stock rose +2.37 mmb to 30.92. Utilization rate added +0.1 percentage points to 89.8% while crude production added +0.1 mmb to 11.7M bpd for the week. Crude oil imports increased -0.11M bpd to 6.5M bpd in the week.
Concerning refined oil product inventories, gasoline inventory gained +3.88 mmb to 219.3 mmb while demand added +1.9% to 8.96M bpd. The market had anticipated a +1.8 mmb growth in stockpile. Production slipped -0.89% to 9.56M bpd while imports soared +16.63% to 0.55M bpd during the week. Distillate stockpile gained +2.73 mmb to 126.61 mmb. The market had anticipated a +1.57 mmb increase. Demand sank -14.99% to 3.58M bpd. Imports rose +14.96% to 0.27 mmb while production added +0.92% to 4.92M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory rose +3.09 mmb. Gasoline stockpile gained +3.71 mmb, while that for distillate was up +1.23 mmb.