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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 -0.23 mmb to 1283.59 mmb in the week ended May 14. Crude oil inventory increased +1.32 mmb (consensus: +1.68 mmb) to 486.01 mmb. Stockpile increased in 4 out of 5 PADDs. This was partly offset by the -2.45mmb withdrawal in PADD 5 (West Coast). Cushing stock dropped -0.14 mmb to 45.76 mmb. Utilization rate added +0.2 percentage point to 86.3% while crude production steadied at 11M bpd for the week. Crude oil imports increased +0.92M bpd to 6.41M bpd in the week.
Concerning refined oil product inventories, gasoline inventory dropped -1.96 mmb, to 234.23 mmb as demand rose +4.82% to 9.22M bpd. The market had anticipated a -0.89 mmb decrease in stockpile. Production gained +1.72% to 9.75M bpd while imports jumped +15.5% to 1.08M bpd during the week. Distillate stockpile declined -2.32 mmb to 132.1 mmb. The market had anticipated a -0.39 mmb fall. Demand added +2.27% to 4.06M bpd. Production dipped -2.19% to 4.55 mmb while imports soared +28.4% to 0.27M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory gained +1.68 mmb. Gasoline stockpile dropped -0.89 mmb, while that for distillate dipped -0.39 mmb.