According to the DOE/EIA weekly report, total crude oil and petroleum products stocks jumped +3.93 mmb to 1069.90 mmb in the week ended April 6. Crude stockpile increased +2.79 mmb to 365.19 mmb as driven by gains in PADD III and V. Cushing stock alone rose +0.29 mmb to 40.59 mmb. Utilization rate decreased -1.9% to 83.8%.
Gasoline inventory dipped -4.28 mmb to 217.64 mmb although demand slipped -1.16% to 8.68M bpd. Production dropped -0.68% to 8.91M bpd while imports fell -20.34% to 0.71M bpd. Distillate inventory plunged -4.0 mmb to 131.89 mmb although demand gained +9.31% to 3.93M bpd. Imports plummeted -71.43% to 0.06M bpd while production dropped -1.82% to 4.33M bpd during the week.
|Weekly change in inventory as of 30/03/11||Actual||Change||Consensus||Previous|
|Crude oil||365.19 mmb||+2.79 mmb||+1.80 mmb||+9.01 mmb|
|Gasoline||217.64 mmb||-4.28 mmb||-1.25 mmb||-1.46 mmb|
|Distillate||131.89 mmb||-4.00 mmb||+0.20 mmb||+0.02 mmb|
Comparison between API and EIA reports:
|API (Mar 30)||EIA (Mar 30)|
|Actual||Inventory||Previous||Forecast (using API's inventory level)||Inventory|
|Crude oil||+6.58 mmb||365.93 mmb||+7.85 mmb||+3.53 mmb||366 mmb|
|Gasoline||+1.18 mmb||223.02 mmb||-4.46 mmb||+1.10 mmb||223 mmb|
|Distillate||-0.48 mmb||134.74 mmb||-1.39 mmb||-1.14 mmb||135 mmb|