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 ActualChangeConsensusPrevious
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) 
 ActualInventoryPrevious Forecast (using API's inventory level)Inventory
Crude oil+2.04 mmb370.39 mmb-0.99 mmb -2.63 mmb370mmb
Gasoline-3.90 mmb212.87 mmb-3.64 mmb +1.14 mmb213 mmb
Distillate-4.20 mmb124.55mmb-3.56 mmb -1.37 mmb125 mmb

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