The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks increased +1.76 mmb to 1194.01 mmb in the week ended May 25. Crude oil inventory dropped -3.62 mmb (consensus: -0.53 mmb) to 434.51 mmb, as inventories fell in 4 out of 5 PADDs. Cushing stock slipped -0.56 mmb to 35.54 mmb. Utilization rate added +2.1% to 93.9%. Meanwhile, crude production increased +0.04M bpd to 10.77M bpd for the week.
Refined oil product inventories jumped as production ramped up to the highest since January ahead of Memorial Day weekend. Gasoline inventory added +0.53 mmb to 233.43 mmb with demand largely unchanged at 9.69M bpd. The market had anticipated a -1.37 mmb decline in stockpile. Production rose +3.79% 10.43M bpd while imports fell -9.78% to 0.96M bpd during the week.
Distillate inventory increased for the first time since March 2018, adding +0.63 mmb to 114.63 mmb. The market had anticipated a -1.25 mmb draw. This came in despite the +18.75% jump in demand to 4.32M bpd. Production gained +7.25% to 5.3M bpd while imports surged +887.5% to 0.24M bpd during the week.
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Released after market close on Tuesday, the industry- sponsored API estimated that crude oil inventory gained +1 mmb during the week. For refined oil products, gasoline stockpile fell -1.68 mmb while distillate added +1.47 mmb.