According to the DOE/EIA weekly report, total crude oil and petroleum products stocks slipped -3.01 mmb to 1096.73 mmb in the week ended August 17. Crude stockpile decreased -5.41 mmb to 360.75 mmb as stockpiles dropped 4 out of 5 PADDs. Cushing stock gained +0.05 mmb to 45.24 mmb. Utilization rate fell -1.04% to 91.2%.
Gasoline inventory slipped -0.96 mmb to 202.74 mmb although demand slipped -2.44% to 9.08M bpd. Production dipped -0.38% to 9.32M bpd while imports dropped -1.40% to 0.78M bpd. Distillate inventory rose +0.99 mmb to 125.21 mmb as demand slipped -0.22% to 3.56M bpd. Imports slipped -25.45% to 0.08M bpd while production gained +1.39% to 4.73M bpd during the week.
|Weekly change in inventory as of 17/08/12||Actual||Change||Consensus||Previous|
|Crude oil||360.75 mmb||-5.41 mmb||-0.25 mmb||-3.70 mmb|
|Gasoline||202.74 mmb||-0.96 mmb||+1.00 mmb||-2.37 mmb|
|Distillate||125.21 mmb||-0.99 mmb||-1.00 mmb||+0.68 mmb|
Comparison between API and EIA reports:
|API (Aug 17)||EIA (Aug 17)|
|Actual||Inventory||Previous||Forecast (using API's inventory level)||Inventory|
|Crude oil||-6.04 mmb||361.05 mmb||+2.78 mmb||-5.11 mmb||361 mmb|
|Gasoline||+0.87 mmb||205.52 mmb||-2.00 mmb||+2.82 mmb||206 mmb|
|Distillate||-1.02 mmb||125.13 mmb||+1.20 mmb||+0.92 mmb||125 mmb|