Crude oil inventory rose +1.95 mmb to 362.5 mmb in the week ended May 7. This is higher than consensus forecasts of +1.6 mmb. Moreover, increase in Cushing stockpile, by +0.784 mmb, more than halved that in the prior week.
Concerning oil products, gasoline stocks surprisingly dropped -2.81 mmb to 222.1 mmb. With US' driving season approaching, further draw is anticipated. Distillate inventory surged 6 weeks in a row, by +1.4 mm during the week.
WTI crude jumped to 77 shortly after the report but gains evaporated as investors took profits. Currently crude oil price is trading close to yesterday's close. Gasoline and heating oil also spiked to 5-day (2.2345) and 4-day (2.1719) highs before pulling back.
Weekly change in inventory as of 07/05/10
Comparison between API and EIA reports:
API (May 7)
EIA (May 7 )
Forecast (using API's inventory level)
API collects stockpile information on a voluntary basis from operators of refineries, 76% of the time, using data in the past 4 years.
Source: Bloomberg, API, EIA