Crude Oil Price Declined as US Inventory Fell Less than Expected

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -10.39 mmb to 1233.43 mmb in the week ended September 3. Crude oil inventory declined for a 8 consecutive week, down -1.53 mmb (consensus: -4.61 mmb) to 423.87 mmb. Stockpile fell in PADD 3, 4 and 5. PADD 3 (Gulf Coast) alone saw 2.59 mmb decline during the week. Cushing stock gained +1.92 mmb to 36.42 mmb. Utilization rate sank -9.4 percentage points to 81.9% while crude production dipped -1.5 mmb higher to 10M bpd for the week. Crude oil imports decreased -0.53M bpd to 5.81M bpd in the week. Concerning refined oil product inventories, gasoline inventory added +1.29 mmb to 227.21 mmb although demand also gained +0.31% to 9.62M bpd. The market had anticipated a -3.39 mmb fall in stockpile. Production slipped -3.39% to 9.58M bpd while imports slumped -21% to 0.9M bpd during the week. Distillate stockpile dropped -1.73 mmb to 136.73 mmb. The market had anticipated a -2..62 mmb decrease. Demand plunged -16.06% to 3.69M bpd. Production sank -12.997% to 4.19 mmb while imports slumped -60.99% to 0.14M bpd during the week.

A day earlier, the industry-sponsored API estimated that crude oil inventory was down -2.88 mmb. Gasoline stockpile fell -6.41 mmb, while that for distillate dropped -3.75 mmb.

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