The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks soared +8.82 mmb to 1461.16 mmb in the week ended July 24. Crude oil inventory slumped -10.61 mmb (consensus: +0.36 mmb) to 525.97 mmb. Stockpile fell in 4 out of 5 PADDs. PADD 3 (Gulf Coast) inventory alone dived -10.46 mmb during the week. Cushing stock increased further, by +1.31mmb, to 51.42 mmb. This marks the fourth straight week of stock-build. Utilization rate added +1.6 percentage points to 79.5% while crude production steadied at 11.1M bpd for the week. Crude oil imports slipped -0.8M bpd to 5.15M bpd in the week.
Concerning refined oil product inventories, gasoline inventory gained +0.65 mmb to 247.39 mmb although demand rose +3.03% to 8.81M bpd. The market had anticipated a -0.73 mmb decrease in stockpile. Production added +0.87% to 9.16M bpd while imports jumped +70.48% to 0.92M bpd during the week. Distillate added +0.5 mmb to 178.39 mmb. The market had anticipated a -0.27 mmb decrease. Demand jumped +12.78% to 3.64M bpd. Production added +0.42% to 4.78 mmb while imports jumped +184.62% to 0.15M bpd during the week.
Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory declined -6.83 mmb during the week. For refined oil products, gasoline inventory added +1.08 mmb while that for distillate was up +0.19 mmb.