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||Actual||Change||Consensus||Previous|
|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)|
|Actual||Inventory||Previous||Forecast (using API's inventory level)||Inventory|
|Crude oil||+1.60 mmb||385.70 mmb||-1.77 mmb||-0.64 mmb||384 mmb|
|Gasoline||-0.88 mmb||203.34 mmb||+1.40 mmb|
|Distillate||+0.52 mmb||121.06 mmb||+1.82 mmb||+2.76 mmb||121 mmb|