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 ActualChangeConsensusPrevious
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) 
 ActualInventoryPrevious Forecast (using API's inventory level)Inventory
Crude oil+7.85 mmb359.35mmb+3.60 mmb +5.60 mmb356 mmb
Gasoline-4.46 mmb221.83 mmb+1.34 mmb -1.54 mmb221 mmb
Distillate-1.39 mmb135.22 mmb-1.45 mmb -0.65 mmb135 mmb

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