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 ActualChangeConsensusPrevious
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) 
 ActualInventoryPrevious Forecast (using API's inventory level)Inventory
Crude oil+6.57 mmb384.74 mmb+7.80 mmb +5.22 mmb385mmb
Gasoline-2.64 mmb205.27 mmb-4.96 mmb -1.83 mmb205 mmb
Distillate-1.57 mmb120.28 mmb-2.70 mmb -0.46 mmb120 mmb