The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -1.07 mmb to 1353.84 mmb in the week ended November 20. Crude oil inventory dropped -0.75 mmb (consensus: +0.13 mmb) to 488.72 mmb. Stockpile decreased in 4 out of 5 PADDs. However, PADD1 (Gulf Coast) inventory rose +2.02 mmb during the week. Cushing stock declined -1.72 mmb to 59.89 mmb. Utilization rate increased +1.3 percentage points to 78.7% while crude production added +0.1M bpd steadied at 11M bpd for the week. Crude oil imports slipped -0.03M bpd to 5.23M bpd in the week.
Concerning refined oil product inventories, gasoline inventory rose +2.18 mmb to 230.15 mmb as demand slipped -1.6% to 8.13M bpd. The market had anticipated a +0.61 mmb increase in stockpile. Production dipped -2.4% to 8.85M bpd while imports declined -16.8% to 0.44M bpd during the week. Distillate dropped -1.44 mmb to 142.63 mmb. The market had anticipated a -1.59 mmb decrease. Demand dropped -1.2% to 4.18M bpd. Production gained +7.8% to 4.61 mmb while imports slumped -34.7% to 0.19M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory rose +3.8 mmb during the week. For refined oil products, gasoline inventory added +1.3 mmb while that for distillate was down -1.8 mmb.
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