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The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slipped -0.14 mmb to 1267.52 mmb in the week ended August 6. Crude oil inventory resumed decline, falling-0.45 mmb (consensus: -1.27 mmb) to 438.78 mmb. Stockpile decreased in PADD 1, 2, and 3. Cushing stock slipped -0.33 mmb to 34.58 mmb. Utilization rate increased +0.5 percentage points to 91.8% while crude production climbed +0.1 mmb higher to 11.3M bpd for the week. Crude oil imports decreased -0.04M bpd to 6.4M bpd in the week.
Concerning refined oil product inventories, gasoline inventory fell -1.4 mmb to 227.47 mmb although demand also dropped -3.53% to 9.43M bpd. The market had anticipated a -1.66 mmb fall in stockpile. Production slipped -1.87% to 9.96M bpd while imports were up +9.47% to 0.93M bpd during the week. Distillate stockpile rose +1.77 mmb to 140.51 mmb. The market had anticipated a +0.47 mmb increase. Demand added +3.21% to 3.73M bpd. Production added +0.16% to 4.89 mmb while imports rose +14.2% to 0.19M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory was down -0.82 mmb. Gasoline stockpile dipped -1.11 mmb, while that for distillate gained +0.67 mmb.