Crude Oil Remained Under Pressure although Inventory Surprisingly Increased


The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -1.35 mmb to 1290.33 mmb in the week ended March 26. Crude oil inventory slipped -0.88 mmb (consensus: -0.1 mmb) to 501.84 mmb. Stockpile decreased in 3 out of 5 PADDs. Cushing stock added +0.78 mmb to 47.06 mmb. Utilization rate rose +2.3 percentage point to 83.9% while crude production climbed +0.1 M bpf to 11.1M bpd for the week. Crude oil imports increased +0.5M bpd to 6.15M bpd in the week.

Concerning refined oil product inventories, gasoline inventory decreased -1.74 mmb, to 230.54 mmb as demand gained +3.2% to 8.89M bpd. The market had anticipated a +0.73 mmb decrease in stockpile. Production increased +8.9% to 9.34M bpd while imports slumped -34.1% to 0.62M bpd during the week. Distillate stockpile gained +2.54 mmb to 144.1 mmb. The market had anticipated a +0.17 mmb decrease. Demand soared +14.5% to 4.11M bpd. Production added +3% to 4.74 mmb while imports fell -33.6% to 0.44M bpd during the week.

A day earlier, the industry-sponsored API estimated that crude oil inventory rose +3.91 mmb. Gasoline stockpile sank -6.01 mmb, while that for distillate added +2.6 mmb.

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