US Crude Oil Inventory Dropped, While Petroleum Stockpile Gained Last Week

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks rose +4.27 mmb to 1222.16 mmb in the week ended December 3. Crude oil inventory slipped -0.24 mmb to 432.87 mmb, compared with consensus of a -1.71 mmb decrease. Inventory increased in 3 out of 5 PADDs. Cushing stock rose +2.37 mmb to 30.92. Utilization rate added +0.1 percentage points to 89.8% while crude production added +0.1 mmb to 11.7M bpd for the week. Crude oil imports increased -0.11M bpd to 6.5M bpd in the week.

Concerning refined oil product inventories, gasoline inventory gained +3.88 mmb to 219.3 mmb while demand added +1.9% to 8.96M bpd. The market had anticipated a +1.8 mmb growth in stockpile. Production slipped -0.89% to 9.56M bpd while imports soared +16.63% to 0.55M bpd during the week. Distillate stockpile gained +2.73 mmb to 126.61 mmb. The market had anticipated a +1.57 mmb increase. Demand sank -14.99% to 3.58M bpd. Imports rose +14.96% to 0.27 mmb while production added +0.92% to 4.92M bpd during the week.

A day earlier, the industry-sponsored API estimated that crude oil inventory rose +3.09 mmb. Gasoline stockpile gained +3.71 mmb, while that for distillate was up +1.23 mmb.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button