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 ActualChangeConsensusPrevious
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)

ActualInventoryPrevious
Forecast (using API's inventory level)Inventory
Crude oil+1.48 mmb386.22 mmb+6.57 mmb
+4.58 mmb386mmb
Gasoline-4.52 mmb200.76 mmb-2.64 mmb

-3.56 mmb

201 mmb
Distillate-0.24 mmb120.05 mmb-1.57 mmb
+0.24 mmb120 mmb

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