According to the DOE/EIA weekly report, total crude oil and petroleum products stocks gained +1.06 mmb to 1075.03 mmb in the week ended May 18. Crude stockpile increased +0.88mmb to 382.53 mmb as stockpiles 4 out of 5 PADDs. Cushing stock alone added +1.67 mmb to 46.80 mmb. Utilization rate decreased -0.2% to 88.1%.
Gasoline inventory slipped -3.30 mmb to 201.01 mmb although demand gained +1.21% to 8.97M bpd. Production slid -1.68% to 8.95M bpd while imports dipped -14.81% to 0.58M bpd. Distillate inventory plunged -0.31 mmb to 119.49 mmb as demand fell -1.10% to 3.61M bpd. Imports gained +53.09% to 1.24M bpd while production climbed +0.24% to 4.51M bpd during the week.
|Weekly change in inventory as of 18/05/12||Actual||Change||Consensus||Previous|
|Crude oil||382.53 mmb||+0.88 mmb||+1.70 mmb||+2.13 mmb|
|Gasoline||201.01 mmb||-3.30 mmb||-0.65 mmb||-2.80 mmb|
|Distillate||119.49 mmb||-0.31 mmb||-0.50 mmb||-0.97 mmb|
Comparison between API and EIA reports:
|API (May 18)||EIA (May 18)|
|Actual||Inventory||Previous||Forecast (using API's inventory level)||Inventory|
|Crude oil||+1.48 mmb||386.22 mmb||+6.57 mmb||+4.58 mmb||386mmb|
|Gasoline||-4.52 mmb||200.76 mmb||-2.64 mmb|
|Distillate||-0.24 mmb||120.05 mmb||-1.57 mmb||+0.24 mmb||120 mmb|