Crude Inventory Rose for 10th Straight Week

By Roger Baettig | May 31 2012 12:26 PM

According to the DOE/EIA weekly report, total crude oil and petroleum products stocks gained +5.50 mmb to 1080.52 mmb in the week ended May 25. Crude stockpile increased +2.21 mmb to 384.74 mmb as stockpiles 4 out of 5 PADDs. Cushing stock alone added +0.05 mmb to 46.85 mmb. Utilization rate added +1.0% to 89.1%.

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Gasoline inventory slipped -0.83 mmb to 200.18 mmb as demand gained +3.45% to 8.93M bpd. Production added +2.33% to 9.15M bpd while imports soared +38.43% to 0.80M bpd. Distillate inventory plunged -1.71 mmb to 117.78 mmb as demand rose +6.98%% to 3.86M bpd. Imports plunged -42.74% to 0.07M bpd while production climbed +2.33% to 4.61M bpd during the week.

Weekly change in inventory as of 25/05/12
Actual
Change
Consensus
Previous

Crude oil
384.74 mmb
+2.21 mmb
+1.70 mmb
+0.88 mmb

Gasoline
200.18 mmb
-0.83 mmb
-0.65 mmb
-3.30 mmb

Distillate
117.78 mmb
-1.71 mmb
-0.50 mmb
-0.31 mmb

Comparison between API and EIA reports:

API (May 25)

EIA (May 25)

Actual
Inventory
Previous

Forecast (using API's inventory level)
Inventory

Crude oil
-0.35 mmb
386.22 mmb
+1.48 mmb

+4.58 mmb
386mmb

Gasoline
+2.06 mmb
200.76 mmb
-4.52 mmb

-3.56 mmb
201 mmb

Distillate
-1.32 mmb
120.05 mmb
-0.24 mmb

+0.24 mmb
120 mmb