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The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks plunged -16.8 mmb to 1402.34 mmb in the week ended November 6. Crude oil inventory gained +4.28 mmb (consensus: -0.91 mmb) to 488.71 mmb. Stockpile increased in 2 out of 5 PADDs. However, PADD3 (Gulf Coast) inventory alone rose +5.1 mmb during the week. Cushing stock slipped -0.52 mmb to 60.41 mmb. Utilization rate dropped -0.8 percentage points to 74.5% while crude production steadied at 10.5M bpd for the week. Crude oil imports added +0.47M bpd to 5.5M bpd in the week.
Concerning refined oil product inventories, gasoline inventory fell -2.31 mmb to 225.36 mmb as demand gained +5.1% to 8.76M bpd. The market had anticipated a -0.26 mmb decrease in stockpile. Production added +2.7% to 9.32M bpd while imports plunged -28.6% to 0.45M bpd during the week. Distillate dropped -5.36 mmb to 159.29 mmb. The market had anticipated a -1.86 mmb decrease. Demand climbed +7.8% to 4.05M bpd. Production slipped -0.9% to 4.24 mmb while imports slumped -60.5% to 0.13M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory plunged -5.15 mmb during the week. For refined oil products, gasoline inventory fell -3.3 mmb while that for distillate was down -5.62 mmb.