Products You May Like
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -8.78 mmb to 1234.64 mmb in the week ended September 170. Crude oil inventory fell -3.48 mmb (consensus: -2.44 mmb) to 413.96 mmb. Stockpile fell in 4 out of 5 PADDs. PADD2 (Midwest) alone saw -2.73 mmb decline during the week. Cushing stock slipped -1.48 mmb to 33.84. Utilization rate soared +5.4 percentage points to 87.5% while crude production gained +0.5 mmb to 10.6M bpd for the week. Crude oil imports increased +0.7M bpd to 6.47M bpd in the week.
Concerning refined oil product inventories, gasoline inventory rose +3.47 mmb to 221.62 mmb while demand added +0.04% to 8.9M bpd. The market had anticipated a -1.07 mmb fall in stockpile. Production gained +4.01% to 9.64M bpd while imports soared +69.59% to 1.08M bpd during the week. Distillate stockpile declined -2.55 mmb to 129.34 mmb. The market had anticipated a -1.19 mmb decrease. Demand soared +16.57% to 4.42M bpd. Imports rose +12.2% to 0.18 mmb while production gained +7.17% to 4.45M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory sank -6.11 mmb. Gasoline stockpile dropped -0.43 mmb, while that for distillate was down -2.72 mmb.