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 17/08/12ActualChangeConsensusPrevious
Crude oil360.75 mmb-5.41 mmb-0.25 mmb-3.70 mmb
Gasoline202.74 mmb-0.96 mmb+1.00 mmb-2.37 mmb
Distillate125.21 mmb-0.99 mmb-1.00 mmb+0.68 mmb

Comparison between API and EIA reports:

  API (Aug 17)  EIA (Aug 17) 
 ActualInventoryPrevious Forecast (using API's inventory level)Inventory
Crude oil-6.04 mmb361.05 mmb+2.78 mmb -5.11 mmb361 mmb
Gasoline+0.87 mmb205.52 mmb-2.00 mmb +2.82 mmb206 mmb
Distillate-1.02 mmb125.13 mmb+1.20 mmb +0.92 mmb125 mmb

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