The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -2.11 mmb to 1452.57 mmb in the week ended July 31. Crude oil inventory declined -7.37 mmb (consensus: -3 mmb) to 518.6 mmb. Stockpile fell in 3 out of 5 PADDs. PADD 3 (Gulf Coast) inventory alone slumped -7.39 mmb during the week. Cushing stock rose +0.53 mmb to 51.95 mmb. This marks the fifth straight week of stock-build. Utilization rate added +0.1 percentage points to 79.6% while crude production slipped -0.1M bpd to 11M bpd for the week. Crude oil imports gained +0.86 bpd to 6.01M bpd in the week.
Concerning refined oil product inventories, gasoline inventory edged higher, by +0.42 mmb, to 247.81 mmb as demand dropped -2.18% to 8.62M bpd. The market had anticipated a -0.17 mmb decrease in stockpile. Production added +1.55% to 9.3M bpd while imports fell -28.9% to 0.66M bpd during the week. Distillate gained +1.59 mmb to 179.98 mmb. The market had anticipated a +0.28 mmb increase. Demand added +1.79% to 3.7M bpd. Production rose +2.63% to 4.91 mmb while imports declined -11.49% to 0.13M bpd during the week.
Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory sank -8.59 mmb during the week. For refined oil products, gasoline inventory dropped -1.75 mmb while that for distillate was up +3.82 mmb.
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