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||Actual||Change||Consensus||Previous|
|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)|
|Actual||Inventory||Previous||Forecast (using API's inventory level)||Inventory|
|Crude oil||+5.46 mmb||366.51 mmb||-6.04 mmb||-5.11 mmb||361 mmb|
|Gasoline||-2.40 mmb||204.12 mmb||+0.87 mmb|
|-1.02 mmb||+0.92 mmb||125 mmb|