Total crude oil and petroleum products stocks slumped -10.92 mmb to 1062.24 mmb in the week ended October 14. Crude stockpile declined -4.73 mmb to 332.90 mmb as all PADDs recorded stock-builds. Cushing stock climbed +0.47 mmb to 31.09 mmb. Utilization rate dropped -1.1% to 83.1%.

Gasoline inventory plunged -3.32 mmb to 206.27 mmb as demand contracted -4.57% to 8.60M bpd, production rose +4.48% to 9.31M bpd and imports climbed for the first time in 4 weeks, by +9.57% to 0.46M bpd. Distillate inventory slipped -4.27 mmb to 149.74 mmb as demand climbed +2.83% to 4.18M bpd. Production dropped -0.79% while production declined -8.55% during the week.

WTI crude oil price jumped to as high as 89.51 after the report. However gains were pared shortly. Market sentiment has been firm for the day with Wall Street advancing as driven by strong financial sector.

Weekly change in inventory as of 14/10/11 ActualChangeConsensusPrevious
Crude oil 332.90 mmb-4.73 mmb+2.00 mmb+1.34 mmb
Gasoline 206.27 mmb-3.32 mmb-1.50 mmb-4.13 mmb
Distillate 149.74 mmb-4.27 mmb-1.50 mmb-2.93 mmb

Comparison between API and EIA reports:

API (Oct 14) EIA (Oct 14)
ActualInventoryPreviousForecast (using API's inventory level)Inventory
Crude oil-3.13 mmb337.29 mmb-3.81 mmb-0.33 mmb340 mmb
Gasoline-1.64 mmb209.57 mmb-1.19 mmb

-0.03mmb

211 mmb
Distillate-2.20 mmb149.70 mmb-3.12 mmb-4.31 mmb152 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

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