According to the DOE/EIA weekly report, total crude oil and petroleum products stocks slipped -4.58 mmb to 1099.73 mmb in the week ended August 10. Crude stockpile decreased -3.70 mmb to 366.16 mmb as stockpiles dropped 3 out of 5 PADDs. Cushing stock gained +0.90 mmb to 45.20 mmb. Utilization rate stayed unchanged at 92.6%.

Gasoline inventory slipped -2.37 mmb to 203.70 mmb as demand gained +5.31% to 9.31M bpd. Production rose +1.16% to 9.36M bpd while imports soared +0.79% to 0.79M bpd. Distillate inventory rose +0.68 mmb to 124.22 mmb as demand slipped -5.83% to 3.57M bpd. Imports climbed +54.93% to 0.10M bpd while production fell -0.64% to 4.67M bpd during the week.

Weekly change in inventory as of 10/08/12 ActualChangeConsensusPrevious
Crude oil 366.16 mmb-3.70 mmb-1.50 mmb-3.73 mmb
Gasoline 203.70 mmb-2.37 mmb-2.00 mmb-1.80 mmb
Distillate 124.22 mmb+0.68 mmb-0.28 mmb-0.72 mmb

Comparison between API and EIA reports:

       

  API Aug 10)   EIA (Aug 10) 
 ActualInventoryPrevious Forecast (using API's inventory level)Inventory
Crude oil+2.78 mmb367.09 mmb-5.35 mmb -2.77 mmb367 mmb
Gasoline-2.00 mmb205.66 mmb+0.42 mmb -0.41 mmb206 mmb
Distillate+1.20 mmb126.13 mmb+2.37 mmb +2.59 mmb126 mmb