According to the DOE/EIA weekly report, total crude oil and petroleum products stocks climbed +11.08 mmb to 1099.55 mmb in the week ended June 15. Crude stockpile increased +2.86 mmb to 387.30 mmb as stockpiles dropped 3 out of 5 PADDs. Cushing stock rose +0.36 mmb to 47.76 mmb. Utilization rate slipped -0.1% to 91.9%.

Gasoline inventory climbed +0.94 mmb to 202.74 mmb as demand slipped -4.79% to 8.86M bpd. Production dropped -5.54% to 9.02M bpd while imports rose +44.44%to 0.99M bpd. Distillate inventory rose +1.16 mmb to 121.13 mmb as demand dipped -4.88% to 3.51M bpd. Imports gained +3.08% to 0.67M bpd while production slid -0.17% to 4.71M bpd during the week.

Weekly change in inventory as of 15/06/12 ActualChangeConsensusPrevious
Crude oil 384.44 mmb+2.86 mmb-1.30 mmb-1.50 mmb
Gasoline 201.80 mmb+3.05 mmb+1.00 mmb+1.40 mmb
Distillate 119.97 mmb+1.16 mmb+1.00 mmb+1.20 mmb

Comparison between API and EIA reports:

       

  API (Jun 15)   EIA (Jun 15) 
 ActualInventoryPrevious Forecast (using API's inventory level)Inventory
Crude oil-0.55 mmb385.15 mmb+1.60 mmb -0.64 mmb384 mmb
Gasoline+1.57 mmb204.90 mmb-0.88 mmb +4.04 mmb204 mmb
Distillate-0.27 mmb120.79 mmb+0.52 mmb +2.76 mmb121 mmb

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