According to the DOE/EIA weekly report, total crude oil and petroleum products stocks climbed +2.60 mmb to 1102.14 mmb in the week ended June 22. Crude stockpile decreased -0.13 mmb to 387.17 mmb as stockpiles dropped 4 out of 5 PADDs. Cushing stock slipped -0.34 mmb to 47.42 mmb. Utilization rate added +0.7% to 92.6%.

Gasoline inventory climbed +2.08 mmb to 204.82 mmb as demand gained +1.76% to 8.85M bpd. Production rose +2.86% to 9.28M bpd while imports dropped -21.79% to 0.77M bpd. Distillate inventory fell -2.28 mmb to 118.85 mmb as demand soared +9.19% to 3.83M bpd. Imports jumped +34.33% to 0.90M bpd while production slid -4.08% to 4.52M bpd during the week.

Weekly change in inventory as of 22/06/12 ActualChangeConsensusPrevious
Crude oil 387.17 mmb-0.13 mmb-1.30 mmb+2.86 mmb
Gasoline 204.82mmb-2.99 mmb+1.00 mmb+3.05 mmb
Distillate 118.85 mmb-2.28 mmb-0.51 mmb+1.16 mmb

Comparison between API and EIA reports:

       

  API (Jun 22)   EIA (Jun 22) 
 ActualInventoryPrevious Forecast (using API's inventory level)Inventory
Crude oil+0.51 mmb385.65 mmb-0.55 mmb -1.65 mmb386 mmb
Gasoline+0.37 mmb205.28 mmb+1.57 mmb +2.53 mmb205 mmb
Distillate-1.02 mmb119.77 mmb-0.27 mmb -1.36 mmb120 mmb

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