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%.
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|
|Distillate||-1.32 mmb||120.05 mmb||-0.24 mmb||+0.24 mmb||120 mmb|