Report EIA
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
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.
US Gasoline inventory.
Refined oil product
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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