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 ActualChangeConsensusPrevious
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) 
 ActualInventoryPrevious Forecast (using API's inventory level)Inventory
Crude oil-1.77 mmb384.10 mmb-0.35mmb -0.64 mmb384 mmb
Gasoline+1.40 mmb204.22 mmb+2.06 mmb +4.04 mmb204 mmb
Distillate+1.82 mmb120.54 mmb+1.82 mmb +2.76 mmb121 mmb

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