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 ActualChangeConsensusPrevious
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) 
 ActualInventoryPrevious Forecast (using API's inventory level)Inventory
Crude oil-0.15 mmb339.71 mmb-0.16 mmb +0.25mmb340 mmb
Gasoline-1.50 mmb207.09 mmb-1.13 mmb +0.81 mmb207 mmb
Distillate-2.88 mmb141.57 mmb-3.44 mmb -0.32 mmb142 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

/

/

/

/