Total crude oil and petroleum products stocks declined -1.53 mmb to 1049.4 mmb in the week ended November 4. Crude stockpile fell -1.37 mmb to 338.09 mmb as stocks slipped in 4 out of 5 PADDs. Cushing stock dipped -0.93 mmb to 31.14 mmb. Utilization rate slipped -2.7% to 82.6%.
Gasoline inventory dropped -2.11 mmb to 204.17 mmb as demand increased +1.80% to 8.67M bpd while production and imports fell -2.94% and -3.97% respectively. Distillate inventory plummeted -6.02 mmb to 135.87 mmb although demand slipped -0.27% to 4.36M bpd. Imports dropped -16.39% and production dipped -7.33% during the week.
Financial markets met selling pressure amid uncertain outlook in Italy. Before the report, WTI crude oil price extended the selloff from a 3-month high of 97.32 to as low as 94.54. Losses were however pared as storage in the US was lower than previously anticipated.
|Weekly change in inventory as of 04/11/11||Actual||Change||Consensus||Previous|
|Crude oil||338.08 mmb||-1.37 mmb||+0.50 mmb||+1.83 mmb|
|Gasoline||204.17 mmb||-2.11 mmb||+1.00 mmb||+1.36 mmb|
|Distillate||135.87 mmb||-6.02 mmb||-2.20 mmb||-3.58 mmb|
Comparison between API and EIA reports:
|API (Nov 04)||EIA (Nov 04)|
|Actual||Inventory||Previous||Forecast (using API's inventory level)||Inventory|
|Crude oil||-0.15 mmb||339.71 mmb||-0.16 mmb||+0.25mmb||340 mmb|
|Gasoline||-1.50 mmb||207.09 mmb||-1.13 mmb||+0.81 mmb||207 mmb|
|Distillate||-2.88 mmb||141.57 mmb||-3.44 mmb||-0.32 mmb||142 mmb|
API collects stockpile information on a voluntary basis from operators of refineries. Data from the API and DOE have moved in the same direction 71% of the time over the past 52 weeks
Source: Bloomberg, API, EIA