According to the DOE/EIA weekly report, total crude oil and petroleum products stocks gained +6.79 mmb to 1087.31 mmb in the week ended June 1. Crude stockpile decreased -0.11 mmb to 384.63 mmb as stockpiles dropped 3 out of 5 PADDs. Cushing stock added +0.93 mmb to 47.78 mmb. Utilization rate climbed +1.9% to 89.1%.
Gasoline inventory rose +3.35 mmb to 203.53 mmb although demand dropped -3.17% to 8.65M bpd. Production slid -1.06% to 9.06M bpd while imports added +5.03% to 0.84M bpd. Distillate inventory gained +2.25 mmb to 120.04 mmb as demand fell -12.5% to 3.38M bpd. Imports gained +38.03% to 0.10M bpd while production climbed +1.26% to 4.67M bpd during the week.
|Weekly change in inventory as of 01/06/12||Actual||Change||Consensus||Previous|
|Crude oil||384.63 mmb||-0.11 mmb||-0.50 mmb||+2.21 mmb|
|Gasoline||203.53 mmb||+3.35 mmb||+0.95 mmb||+2.00mmb|
|Distillate||120.04 mmb||+2.25 mmb||+0.25 mmb||-1.71 mmb|
Comparison between API and EIA reports:
|API (Jun 01)||EIA (Jun 01)|
|Actual||Inventory||Previous||Forecast (using API's inventory level)||Inventory|
|Crude oil||-1.77 mmb||384.10 mmb||-0.35mmb||-0.64 mmb||384 mmb|
|Gasoline||+1.40 mmb||204.22 mmb||+2.06 mmb||+4.04 mmb||204 mmb|
|Distillate||+1.82 mmb||120.54 mmb||+1.82 mmb||+2.76 mmb||121 mmb|