The DOE/EIA reported that total crude oil and petroleum products stocks slipped -3.90 mmb to 1036.80 mmb in the week ended November 18. Crude stockpile fell -6.22 mmb to 330.82 mmb as stocks slipped in 3 out of 5 PADDs. Cushing stock, however, climbed +0.01 mmb to 32.02 mmb. Utilization rate increased +0.7% to 85.5%.
Gasoline inventory added +4.48 mmb to 209.63 mmb as demand decreased -0.38% to 8.59M bpd while production and imports rose +3.67% and +25.5% respectively. Distillate inventory slid -0.77 mmb to 132.96 mmb although demand plunged -2.86% to 4.07M bpd. Imports jumped +64.63% while production added +0.46% during the week.
Oil plunged after the report as gasoline stock increased for a second consecutive week. Moreover, deterioration in sovereign debt crisis in the Eurozone has triggered selloff of risky assets
|Weekly change in inventory as of 18/11/11||Actual||Change||Consensus||Previous|
|Crude oil||330.82 mmb||0 mmb||+0.50 mmb||-1.37 mmb|
|Gasoline||209.63 mmb||+1.15 mmb||+1.00 mmb||-2.11 mmb|
|Distillate||132.96 mmb||-1.50 mmb||-2.20 mmb||-6.02 mmb|
Comparison between API and EIA reports:
|API (Nov 18)||EIA (Nov 18)|
|Actual||Inventory||Previous||Forecast (using API's inventory level)||Inventory|
|Crude oil||-5.57 mmb||335.74 mmb||-1.50 mmb||+1.84mmb||341 mmb|
|Gasoline||+5.42 mmb||209.57 mmb||-1.50 mmb|
|Distillate||-0.89 mmb||138.12 mmb||-3.0 mmb'||-2.92 mmb||139 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