According to the DOE/EIA weekly report, total crude oil and petroleum products stocks jumped + 12.37 mmb to 1073.83 mmb in the week ended March 30. Crude stockpile increased +9.01 mmb to 362.40 mmb as driven by another week of huge 6.11 mmb build at PADD III. Cushing stock alone rose +0.73 mmb to 40.29 mmb. Utilization rate increased +1.2% to 85.7%.
Gasoline inventory dipped -1.46 mmb to 221.91 mmb although demand added +0.84% to 8.78M bpd. Production rose +2.48% to 8.97M bpd while imports surged +56.91% to 0.89M bpd. Distillate inventory climbed +0.02 mmb to 135.89 mmb although demand gained +0.03% to 3.60M bpd. Imports jumped +35.76% to 0.22M bpd while production rose +1.10% to 4.33M bpd during the week.
|Weekly change in inventory as of 30/03/11||Actual||Change||Consensus||Previous|
|Crude oil||362.40 mmb||+9.01 mmb||+2.50 mmb||+7.10 mmb|
|Gasoline||221.91 mmb||-1.46 mmb||-1.40 mmb||-3.54 mmb|
|Distillate||135.89 mmb||+0.02 mmb||-0.50 mmb||-0.71 mmb|
Comparison between API and EIA reports:
|API (Mar 30)||EIA (Mar 30)|
|Actual||Inventory||Previous||Forecast (using API's inventory level)||Inventory|
|Crude oil||+7.85 mmb||359.35mmb||+3.60 mmb||+5.60 mmb||356 mmb|
|Gasoline||-4.46 mmb||221.83 mmb||+1.34 mmb||-1.54 mmb||221 mmb|
|Distillate||-1.39 mmb||135.22 mmb||-1.45 mmb||-0.65 mmb||135 mmb|