Total crude oil and petroleum products stocks climbed +0.70 mmb to 1062.94 mmb in the week ended October 21. Crude stockpile soared +4.74 mmb to 337.63 mmb as stocks PADD 3 and 5 increased significantly. Cushing stock climbed +0.42 mmb to 31.51 mmb. Utilization rate rose +1.7% to 84.8%.
Gasoline inventory fell -1.35 mmb to 204.92 mmb although demand dipped -1.13% to 8.50M bpd. Production dropped -4.05% to 8.94M bpd but imports jumped +47.38% to 0.68M bpd. Distillate inventory slipped -4.28 mmb to 145.46 mmb as demand climbed +1.58% to 4.25M bpd. Production edged +0.55% higher while production soared +37.38% during the week.
Oil extended today's decline as investors took profit ahead of the EU summit. The front-month contract for WTI crude oil plunged below 92 after the report amid bigger-than-expected crude stock-build. Mixed US data failed to impact prices. Durable goods orders contracted -0.8% m/m in September, following a -0.1% drop a month ago. Excluding transportation, orders climbed +1.7% after dropping -0.1% in August. New home sales surprisingly increased +6.10% to 313K in September.
|Weekly change in inventory as of 21/10/11||Actual||Change||Consensus||Previous|
|Crude oil||337.63 mmb||+4.74 mmb||+1.48 mmb||-4.73 mmb|
|Gasoline||204.92 mmb||-1.35 mmb||-1.75 mmb||-3.32 mmb|
|Distillate||154.46 mmb||-4.28 mmb||-1.50 mmb||-4.27 mmb|
Comparison between API and EIA reports:
|API (Oct 21)||EIA (Oct 21)|
|Actual||Inventory||Previous||Forecast (using API's inventory level)||Inventory|
|Crude oil||+2.71 mmb||340.01 mmb||-3.13 mmb||+7.11 mmb||340 mmb|
|Gasoline||+0.15 mmb||209.72 mmb||-1.64 mmb|
|Distillate||-1.80 mmb||147.91 mmb||-2.20 mmb||-1.83 mmb||148 mmb|
API collects stockpile information on a voluntary basis from operators of refineries. Data from the API and DOE have moved in the same direction 71% of the time over the past 52 weeks
Source: Bloomberg, API, EIA