According to the DOE/EIA weekly report, total crude oil and petroleum products stocks climbed +4.66 mmb to 1101.39 mmb in the week ended August 24. Crude stockpile increased +3.78 mmb to 364.52 mmb as stockpiles rose 3 out of 5 PADDs. Cushing stock fell -0.42 mmb to 44.82 mmb. Utilization rate stayed unchanged at 91.2%.

Gasoline inventory slipped -1.51 mmb to 201.23 mmb although demand slipped -0.19% to 9.06M bpd. Production dipped -1.48% to 9.18M bpd while imports dropped -11.20% to 0.69M bpd. Distillate inventory rose +0.87 mmb to 126.08 mmb although demand climbed +0.06% to 3.56M bpd. Imports added +63.41% to 0.13M bpd while production dipped -1.42% to 4.67M bpd during the week.

Weekly change in inventory as of 24/08/12 ActualChangeConsensusPrevious
Crude oil 364.52 mmb+3.78 mmb-0.20 mmb-5.41 mmb
Gasoline 201.23 mmb-1.51 mmb-0.20 mmb-0.96 mmb
Distillate 125.21 mmb+0.87 mmb+/- mmb-0.99 mmb

Comparison between API and EIA reports:

API (Aug 24)

EIA (Aug 24)

Forecast (using API's inventory level)Inventory
Crude oil+5.46 mmb366.51 mmb-6.04 mmb
-5.11 mmb361 mmb
Gasoline-2.40 mmb204.12 mmb+0.87 mmb

+2.82 mmb

206 mmb
Distillate+1.36 mmb

126.49 mmb

-1.02 mmb
+0.92 mmb125 mmb