Crude Oil Inventory Climbed More than Expected

By Roger Baettig | May 02 2012 4:17 PM

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%.

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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