Total crude oil and petroleum products stocks increased +4.35 mmb to 1092.3 mmb in the week ended August 26. Crude stockpile unexpectedly increased +5.28 mmb to 357.05 mmb as 4 out of 5 PADDs recorded stock-builds. Cushing stock slipped -0.58 mmb to 33.09 mmb. Utilization rate dipped -1.1% to 89.2%.
Gasoline inventory fell -2.80 mmb to 208.64 mmb as demand increased +2.44% to 9.23M bpd and imports dropped -31.99% to 0.61M bpd. Production, however, climbed +2.58% 5o 9.58M bpd. Distillate inventory climbed +0.36 mmb to 156.06 mmb although demand soared +6.13% to 4.07M bpd. Production increased +0.56% while imports added 9.32% during the week.
Oil prices slid to as low as 88.57 shortly after the report as crude inventory surprisingly increased. Losses were erased soon as factory orders unexpectedly grew +2.4% in July after contracting -0.8% a month ago.
|Weekly change in inventory as of 26/08/11||Actual||Change||Consensus||Previous|
|Crude oil||357.05 mmb||+5.28 mmb||-0.50 mmb||-2.21 mmb|
|Gasoline||208.64 mmb||-2.80 mmb||-0.95 mmb||+1.36 mmb|
|Distillate||156.06 mmb||+0.36 mmb||+0.90 mmb||+1.73 mmb|
Comparison between API and EIA reports:
|API (Aug 26)||EIA (Aug 26)|
|Actual||Inventory||Previous||Forecast (using API's inventory level)||Inventory|
|Crude oil||+5.13 mmb||352.18 mmb||-3.34 mmb||+0.41 mmb||352 mmb|
|Gasoline||-3.11 mmb||210.80 mmb||+6.37 mmb|
|Distillate||+0.28 mmb||153.11 mmb||+2.00 mmb||-2.59 mmb||153 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