US Crude Oil Stock Gained Final Week, In Distinction to API’s Estimate of Sharp Fall


    The report from the US Vitality Info Administration (EIA) reveals that whole crude oil and petroleum merchandise (ex. SPR) shares dropped -Zero.85 mmb to 1296.69 mmb within the week ended September 27. Crude oil stock added +Three.1 mmb to 422.64 mmb (consensus: +1.57 mmb). Inventories elevated in Three out of 5 PADDs. Cushing inventory dropped -Zero.2 mmb to 40.74 mmb. Utilization fee slipped -Three.four share level to 86.four% whereas crude manufacturing dropped -Zero.1M bpd to 12.4M bpd for the week. Crude oil imports slid -Zero.09M bpd to six.29M bpd within the week.

    Regarding refined oil product inventories, gasoline stock dipped -Zero.23 mmb to 229.98 mmb though demand dropped -2.24% to 9.1M bpd. The market had anticipated a +Zero.45 mmb improve in stockpile. Manufacturing added +Zero.16% to 10.05 bpd whereas imports gained +5.38% to Zero.84M bpd throughout the week.

    Distillate stock decreased -2.42 mmb to 131.27 mmb. Demand added +1.62% to three.96M bpd. The market had anticipated a +1.79 mmb lower in stock. Manufacturing dropped -Three.74% to four.81M bpd whereas imports plunged -46.81% to Zero.05M bpd throughout the week.

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    Launched after market shut on Wednesday, the industry- sponsored API estimated that crude oil stock declined +-5.92 mmb throughout the week. For refined oil merchandise, gasoline stockpile elevated +2.13 mmb whereas distillate fell -1.74 mmb.

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