According to the DOE/EIA weekly report, total crude oil and petroleum products stocks climbed +1.10 mmb to 1088.47 mmb in the week ended June 8. Crude stockpile decreased -0.19 mmb to 384.44 mmb as stockpiles dropped 3 out of 5 PADDs. Cushing stock fell -0.38 mmb to 47.40 mmb. Utilization rate climbed +1.0% to 92.0%.

Gasoline inventory slipped -1.72 mmb to 201.80 mmb as demand gained +5.57% to 9.13M bpd. Production gained +5.47% to 9.55M bpd while imports fell -18.18% to 0.68M bpd. Distillate inventory dipped -0.06 mmb to 119.97 mmb as demand rose +9.06% to 3.69M bpd. Imports slipped -33.67% to 0.07M bpd while production climbed +1.01% to 4.72M bpd during the week.

Weekly change in inventory as of 0806/12 ActualChangeConsensusPrevious
Crude oil 384.44 mmb-1.50 mmb-0.50 mmb-0.11 mmb
Gasoline 201.80 mmb+1.40 mmb+0.95 mmb+3.35 mmb
Distillate 119.97 mmb+1.20 mmb+0.25 mmb+2.25 mmb

Comparison between API and EIA reports:



API (Jun 08)

EIA (Jun 08)

ActualInventoryPrevious
Forecast (using API's inventory level)Inventory
Crude oil+1.60 mmb385.70 mmb-1.77 mmb
-0.64 mmb384 mmb
Gasoline-0.88 mmb203.34 mmb+1.40 mmb

+4.04 mmb

204 mmb
Distillate+0.52 mmb121.06 mmb+1.82 mmb
+2.76 mmb121 mmb

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