According to the DOE/EIA weekly report, total crude oil and petroleum products stocks jumped +1.91 mmb to 1069.57 mmb in the week ended April 27. Crude stockpile increased +2.84 mmb to 375.86 mmb as stockpiles increased in 4 out of 5 PADDs. Cushing stock alone rose +1.21 mmb to 42.97 mmb. Utilization rate increased +1.30% to 86.0%.
Gasoline inventory dipped -2.01 mmb to 209.72 mmb although demand slipped -3.18% to 8.50M bpd. Production dropped -0.03% to 8.79M bpd while imports rose +24.84% to 0.77M bpd. Distillate inventory plunged -1.90 mmb to 124.02 mmb although demand slipped -6.48% to 3.55M bpd. Imports plummeted -14.95% to 0.09M bpd while production dropped -1.57% to 4.13M bpd during the week.
|Weekly change in inventory as of 27/04/11||Actual||Change||Consensus||Previous|
|Crude oil||375.86 mmb||+2.84 mmb||+2.00 mmb||+3.98 mmb|
|Gasoline||209.72 mmb||-2.01 mmb||-0.80 mmb||-2.24 mmb|
|Distillate||124.02 mmb||-1.90 mmb||-0.20 mmb||-3.05 mmb|
Comparison between API and EIA reports:
|API (Apr 27)||EIA (Apr 20)|
|Actual||Inventory||Previous||Forecast (using API's inventory level)||Inventory|
|Crude oil||+2.04 mmb||370.39 mmb||-0.99 mmb||-2.63 mmb||370mmb|
|Gasoline||-3.90 mmb||212.87 mmb||-3.64 mmb||+1.14 mmb||213 mmb|
|Distillate||-4.20 mmb||124.55mmb||-3.56 mmb||-1.37 mmb||125 mmb|