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 | Actual | Change | Consensus | Previous |
| 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) | |||||
Actual | Inventory | Previous | Forecast (using API’s inventory level) | Inventory | ||
Crude oil | +6.58 mmb | 365.93 mmb | +7.85 mmb | +3.53 mmb | 366 mmb | |
Gasoline | +1.18 mmb |
223.02 mmb | -4.46 mmb | +1.10 mmb
| 223 mmb | |
Distillate | -0.48 mmb | 134.74 mmb | -1.39 mmb | -1.14 mmb | 135 mmb |
See original here:
Rise in Crude Inventory Exceeds Expectations for Another Week
Leave a Reply
You must be logged in to post a comment.