The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -8.87 mmb to 1223.87 mmb in the week ended November 12. Crude oil inventory dropped -2.1 mmb to 433 mmb, compared with consensus of a +1.4 mmb increase. Inventory increased in 3 out of 5 PADDs. Yet, PADD3 (Gulf Coast) slumped -4.87 mmb growth during the week. Cushing stock added +0.22 mmb to 26.6. Utilization rate added +1.2 percentage points to 87.9% while crude production slipped -0.1 mmb to 11.4M bpd for the week. Crude oil imports increased -0.08M bpd to 6.19M bpd in the week.

Concerning refined oil product inventories, gasoline inventory dropped -0.71 mmb to 212 mmb while demand slid -0.19% to 9.24M bpd. The market had anticipated a -0.58 mmb fall in stockpile. Production slipped -1.31% to 9.92M bpd while imports soared +40.2% to 0.82M bpd during the week. Distillate stockpile slipped 0.82 mmb to 123.69 mmb. The market had anticipated a -1.23 mmb decrease. Demand added +1.64% to 4.35M bpd. Imports slumped -14.03% to 0.24 mmb while production slipped -0.53% to 4.84M bpd during the week.

A day earlier, the industry-sponsored API estimated that crude oil inventory climbed higher, by +0.66 mmb. Gasoline stockpile dropped -2.79 mmb, while that for distillate was up +0.11 mmb.