The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks plummeted -9.05 mmb to 1283.58 mmb in the week ended April 9. Crude oil inventory slumped -5.89 mmb (consensus: -2.89 mmb) to 492.42 mmb. Stockpile decreased in 3 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw decline of over -6 mmb. Cushing stock added +0.35 mmb to 46.67 mmb. Utilization rate edged +0.1 percentage point higher to 85% while crude production added +0.1M bpd to 11M bpd for the week. Crude oil imports decreased -0.41M bpd to5.85M bpd in the week.
Concerning refined oil product inventories, gasoline inventory gained +0.31 mmb, to 234.9 mmb although demand gained +1.9% to 8.94M bpd. The market had anticipated a +0.79 mmb decrease in stockpile. Production added +3.6% to 9.62M bpd while imports plunged -35.3% to 0.84M bpd during the week. Distillate stockpile declined -2.08 mmb to 143.46 mmb. The market had anticipated a +0.97 mmb gain. Demand rose +12.7% to 4.13M bpd. Production added +0.1% to 4.64 mmb while imports fell -19.7% to 0.26M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory fell -3.61 mmb. Gasoline stockpile rose +5.57 mmb, while that for distillate dropped -3.01 mmb.