According to the DOE/EIA weekly report, total crude oil and petroleum products stocks jumped +2.87 mmb to 1073.97 mmb in the week ended May 11. Crude stockpile increased +2.12 mmb to 381.64 mmb as stockpiles all 5 PADDs. Cushing stock alone rose +1.00 mmb to 45.13 mmb. Utilization rate increased +1.9% to 88.3%.
Gasoline inventory slipped -2.80 mmb to 204.31 mmb although demand gained +1.21% to 8.97M bpd. Production rose +0.12% to 9.10M bpd while imports added +11.20% to 0.68M bpd. Distillate inventory plunged -0.97 mmb to 119.80 mmb as demand fell -7.81% to 3.65M bpd. Imports gained +72.34% to 0.81M bpd while production climbed +2.44% to 4.50M bpd during the week.
|Weekly change in inventory as of 11/05/12||Actual||Change||Consensus||Previous|
|Crude oil||381.64 mmb||+2.13 mmb||+1.75 mmb||+3.65 mmb|
|Gasoline||204.31 mmb||-2.80 mmb||-0.1 mmb||-2.61 mmb|
|Distillate||119.80 mmb||-0.97 mmb||+0.15 mmb||-3.25 mmb|
Comparison between API and EIA reports:
|API (May 11)||EIA (May 11)|
|Actual||Inventory||Previous||Forecast (using API's inventory level)||Inventory|
|Crude oil||+6.57 mmb||384.74 mmb||+7.80 mmb||+5.22 mmb||385mmb|
|Gasoline||-2.64 mmb||205.27 mmb||-4.96 mmb||-1.83 mmb||205 mmb|
|Distillate||-1.57 mmb||120.28 mmb||-2.70 mmb||-0.46 mmb||120 mmb|