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Decline in US Crude Inventory More than Doubled Consensus

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks added +1.92 mmb to 1277.85 mmb in the week ended May 28. Crude oil inventory sank -5.08 mmb (consensus: -2.44 mmb) to 479.27 mmb. Stockpile decreased in 3 out of 5 PADDs. PADD 3 (Gulf Coast) saw declines of -5.64 mmb. Cushing stock slipped -0.78 mmb to 45.54 mmb. Utilization rate increased +1.7 percentage points to 88.7% while crude production slipped -0.2M bpd to 10.8M bpd for the week. Crude oil imports decreased -0.64M bpd to 5.63M bpd in the week. Concerning refined oil product inventories, gasoline inventory gained +1.5 mmb, to 233.98 mmb as demand fell -3.51% to 9.15M bpd. The market had anticipated a -1.48 mmb decrease in stockpile. Production slipped -1.87% to 9.57M bpd while imports dropped -4.35% to 1.03M bpd during the week. Distillate stockpile rose +3.72 mmb to 132.8 mmb. The market had anticipated a -1.48 mmb fall. Demand slumped -14.53% to 3.81M bpd. Production added +3.04% to 4.81 mmb while imports rallied -89.01% to 0.52M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory was down -5.36 mmb. Gasoline stockpile gained +2.51 mmb, while that for distillate added +1.59 mmb.

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