The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks jumped +6.73 mmb to 1192.25 mmb in the week ended May 18. Crude oil inventory rose +5.78 mmb (consensus: -1.57 mmb) to 438.13 mmb, as inventories rose in PADD I and III. Cushing stock dropped -1.12 mmb to 36.1 mmb. Utilization rate increased +0.7% to 91.8%. Meanwhile, crude production increased +0.002M bpd to 10.73M bpd for the week.
For refined oil products, gasoline inventory added +1.88 mmb to 233.9 mmb although demand gained +1.66% to 9.53M bpd. This was compared with consensus of a -1.39 mmb draw. Production dropped -3.92 % to 10.05M bpd while imports soared +47.43% to 1.06M bpd during the week.
Distillate inventory slipped -0.95 mmb to 114 mmb although demand plunged -13.86% to 3.64M bpd. The market had anticipated a -1.34 mmb draw. Production dipped -1.85% to 4.94M bpd while imports slumped -68.83% to 0.02M bpd during the week.
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Released after market close on Tuesday, the industry- sponsored API estimated that crude oil inventory dropped -1.3 mmb during the week. For refined oil products, gasoline stockpile added +0.98 mmb while distillate slid -1.3 mmb.