US Oil Stock Stabilized after Weeks of Stockbuilds

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    The report from the US Power Info Administration (EIA) exhibits that complete crude oil and petroleum merchandise (ex. SPR) shares dropped -1.59 mmb to 1286.81 mmb within the week ended October 18. Crude oil stock dropped -1.7 mmb to 433.15 mmb (consensus: +2.23 mmb). Stock in PADD Three (Gulf Coast) declined Three.71 mmb. Cushing inventory added +1.51 mmb to 44.46 mmb. Utilization charge added +2.1 share level to 85.2% whereas crude manufacturing steadied at 12.6M bpd for the week. Crude oil imports slipped -Zero.44M bpd to five.86M bpd within the week. Regarding refined oil product inventories, gasoline stock declined -Three.11 mmb to 223.09 mmb as demand gained +2.52% to 9.59M bpd. The market had anticipated a -2.27 mmb lower in stockpile. Manufacturing added +1% to 10.1 bpd whereas imports jumped +7.07% to Zero.7M bpd in the course of the week.

     

    Distillate stock plunged -2.72 mmb to 120.79 mmb. Demand declined -6.64% to four.08M bpd. The market had anticipated a -2.79 mmb lower in stock. Manufacturing added +1.64% to four.77M bpd whereas imports slumped -32.49% to Zero.13M bpd in the course of the week.

    – commercial –

    Launched after market shut on Wednesday, the industry-sponsored API estimated that crude oil stock rose +four.45 mmb in the course of the week. For refined oil merchandise, gasoline stockpile drew -Zero.7 mmb whereas distillate fell -Three.49 mmb.

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