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 ActualChangeConsensusPrevious
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) 
 ActualInventoryPrevious Forecast (using API's inventory level)Inventory
Crude oil+6.58 mmb365.93 mmb+7.85 mmb +3.53 mmb366 mmb
Gasoline+1.18 mmb223.02 mmb-4.46 mmb +1.10 mmb223 mmb
Distillate-0.48 mmb134.74 mmb-1.39 mmb -1.14 mmb135 mmb

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