US Crude Oil Inventory Made the Biggest Increase Since 2017
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks surged +21.04 mmb to 1286.82 mmb in the week ended April 3.
Crude oil inventory soared +15.18 mmb (consensus: +9.27 mmb) to 484.37 mmb. Stockpile rose in ALL PADDs. PADD 2 (Midwest) saw +7.36 mmb gain while PADD 3 (Gulf Coast) saw a build of 5.34 mmb. Cushing stock gained +6.42 mmb to 49.24 mmb.
Utilization rate declined -6.7 percentage points to 75.6% while crude production declined -1.26M bpd to 13.63M bpd for the week. Crude oil imports were slipped -0.17M bpd to 5.87M bpd in the week.
Concerning refined oil product inventories, gasoline inventory jumped +10.5 mmb to 257.3 mmb as demand slumped -23.94% to 5.07M bpd. The market had anticipated a +4.33 mmb increase in stockpile. Production plunged -21.97% to 5.82M bpd while imports fell -33.02% to 0.49M bpd during the week.
Distillate inventory added +0.48 mmb to 122.72 mmb.
The market had anticipated a +1.45 mmb increase. Demand dropped -2.56% to 3.81M bpd. Production added +0.32% to 4.98 mmb while imports soared +45.67% to 0.19M bpd during the week.
Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory soared +11.9 mmb during the week.
For refined oil products, gasoline stockpile surged +9.5 mmb while distillate plunged -0.18 mmb.
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