Total crude oil and petroleum products stocks rose +0.36 mmb to 1101.5 mmb in the week ended July 2. Crude oil inventory dropped -4.96 mmb to 358.2 mmb. All 5 districts recorded draws during the week with the biggest decline in the West Coast, by -1.97 mmb. Cushing stock fell -0.18 mmb. Utilization rate increased +1.4% to 89.8%, the highest level since January 2008.
Gasoline stockpile increased +1.32 mmb to 219.4 mmb while the market had anticipated a rise of +0.1 mmb. Production dipped -0.07% which was offset by +21.6% surge in imports. Meanwhile, demand slid -0.14% to 9.45M bpd. Distillate stockpile added +0.32 mmb to 159.7 mmb. Production slipped -0.46% while imports jumped +62.3%. Demand soared +11.24% to 3.95M bpd, the highest level since May 28.
Crude oil price rallied too as 75.9 ahead of the report as US initial jobless claims declined more than expectation, by -18K, to 454K last week. However, price pared some of the gains as the inventory report showed rises in oil product stockpiles.
Weekly change in inventory as of 02/07/10
Comparison between API and EIA reports:
API (Jul 02)
EIA (Jul 02 )
Forecast (using API's inventory level)
API collects stockpile information on a voluntary basis from operators of refineries, 76% of the time, using data in the past 4 years.
Source: Bloomberg, API, EIA