Crude Oil Inventory Soared More than Expected Last Week

By Roger Baettig | May 16 2012 3:08 PM

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%.

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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