According to the DOE/EIA weekly report, total crude oil and petroleum products stocks rose +0.54 mmb to 1059.46 mmb in the week ended February 24. Crude stockpile increased +4.16 mmb to 344.87 mmb although stocks gained in 4 out of 5 PADDs. Cushing stock rose +1.65 mmb to 33.81 mmb. Utilization rate decreased -1.90% to 83.6%.

Gasoline inventory dipped -1.60 mmb to 229.93 mmb although demand decreased -3.07% to 8.36M bpd. Production slipped -1.39% to 8.85M bpd while imports plunged -29.11% to 0.60M bpd. Distillate inventory slipped -2.07 mmb to 141.44 mmb as demand rose +10.50% to 3.67M bpd. Imports soared +77.87% to 0.22M bpd while production dropped -0.28% to 4.28M bpd during the week.

Weekly change in inventory as of 10/02/11
Actual
Change
Consensus
Previous

Crude oil
344.87 mmb
+4.16 mmb
+1.10 mmb
+1.63 mmb

Gasoline
229.93 mmb
-1.60 mmb
+-0.43 mmb
-0.65 mmb

Distillate
141.44 mmb
-2.07 mmb
-0.75 mmb
-0.21 mmb

Comparison between API and EIA reports:

API (Feb 10)

EIA (Feb 10)

Actual
Inventory
Previous

Forecast (using API's inventory level)
Inventory

Crude oil
+0.52 mmb
342.48 mmb
+3.55 mmb

+1.78 mmb
342mmb

Gasoline
-0.92 mmb
231.23 mmb
+0.31 mmb

-0.30 mmb

231 mmb

Distillate
-3.31 mmb
144.14 mmb
+0.63 mmb

+0.63 mmb
144 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