Total crude oil and petroleum products stocks jumped +11.43 mmb to 1085.10 mmb in the week ended July 22. Crude stockpile increased for the first time in 8 weeks, by +2.30 mmb, to 354.03 mmb as driven by a +5.50 mmb increase in Gulf Coast. Cushing stocks also added +0.43 mmb to 37.10 mmb. Utilization rate dropped -2% to 88.3%.
Gasoline inventory increased for a second straight week, gaining +1.02 mmb to 213.48 mmb as demand dropped -0.32% to 9.00M bpd. The increase was moderated by slides in production (-0.56%) and imports (-24.86%). Distillate inventory rose for a 3rd consecutive week, by +3.39 mmb to 151.85 mmb although demand gained +1.65% to 3.46M bpd. Production slid -0.42% while imports jumped +75.00% during the week.
WTI crude oil price slumped to as low as 97.28 after the report as stock-builds exceeded expectations. Disappointing US data also exacerbated the decline. Durable goods orders surprisingly contracted -2.1% in Jun while May's reading was revised higher to +2.1%. orders excluding transportation climbed +0.5% in June from +0.7% a month ago.
|Weekly change in inventory as of 22/07/10||Actual||Change||Consensus||Previous|
|Crude oil||354.03 mmb||+2.30 mmb||-2.00 mmb||-3.73 mmb|
|Gasoline||213.48 mmb||+1.02 mmb||+0.40 mmb||+0.76 mmb|
|Distillate||151.85 mmb||+3.39 mmb||+1.63 mmb||+3.43 mmb|
Comparison between API and EIA reports:
|API (Ju1 22)||EIA (Ju1 22)|
|Actual||Inventory||Previous||Forecast (using API's inventory level)||Inventory|
|Crude oil||+3.96 mmb||358 mmb||-5.18 mmb|
|Gasoline||-0.64 mmb||210 mmb||+1.96 mmb|
|Distillate||+2.90 mmb||149 mmb||+1.10 mmb||+0.86 mmb||149 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