Total crude oil and petroleum products stocks declined 4.33 mmb to 1087.95 mmb in the week ended September 2. Crude stockpile fell -3.96 mmb to 353.09 mmb as 3 out of 5 PADDs recorded stock draws. Cushing stock slipped -0.40 mmb to 32.69 mmb. Utilization rate dipped -0.2% to 89.0%.
Gasoline inventory surprisingly rose +0.20 mmb to 208.84 mmb as demand decreased -2.96% to 8.96M bpd. Imports dropped -1.81% to 0.60M bpd while production slipped -4.41% to 9.16M bpd. Distillate inventory added +0.71 mmb to 156.77 mmb as demand plunged -5.70% to 3.85M bpd. Production dropped -3.40% while imports declined -13.6% during the week.
Oil price remained firm after the report. Indeed, the market focus is on President Obama's job stimulus plan. Concerning the dataflow, initially jobless claims unexpectedly rose +5K to 414K in the week ended September 3. Trade deficit in the US narrowed to 44.8B in July from 53.1B in the prior month.
|Weekly change in inventory as of 03/09/11||Actual||Change||Consensus||Previous|
|Crude oil||353.09 mmb||-3.96 mmb||-2.00 mmb||+5.28 mmb|
|Gasoline||208.84 mmb||+0.20 mmb||-1.40 mmb||-2.80 mmb|
|Distillate||156.77 mmb||+0.71 mmb||+0.50 mmb||+0.36 mmb|
Comparison between API and EIA reports:
|API (Sep 3)||EIA (Sep 3)|
|Actual||Inventory||Previous||Forecast (using API's inventory level)||Inventory|
|Crude oil||-2.97 mmb||349.21 mmb||+5.13 mmb||-7.85 mmb||349 mmb|
|Gasoline||-0.87 mmb||209.93 mmb||-3.11 mmb|
|Distillate||+3.95 mmb||157.06 mmb||+0.28 mmb||+1.00 mmb||157 mmb|
API collects stockpile information on a voluntary basis from operators of refineries. Data from the API and DOE have moved in the same direction 71% of the time over the past 52 weeks
Source: Bloomberg, API, EIA