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||Actual||Change||Consensus||Previous|
|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)|
|Actual||Inventory||Previous||Forecast (using API's inventory level)||Inventory|
|Crude oil||+2.78 mmb||367.09 mmb||-5.35 mmb||-2.77 mmb||367 mmb|
|Gasoline||-2.00 mmb||205.66 mmb||+0.42 mmb||-0.41 mmb||206 mmb|
|Distillate||+1.20 mmb||126.13 mmb||+2.37 mmb||+2.59 mmb||126 mmb|