Crude and Gasoline Stocks Declined More than Expected
SondraHunterAccording to the DOE/EIA weekly report, total crude oil and petroleum products stocks slipped -4.58 mmb to 1099.73 mmb in the week ended August 10. Crude stockpile decreased -3.70 mmb to 366.16 mmb as stockpiles dropped 3 out of 5 PADDs. Cushing stock gained +0.90 mmb to 45.20 mmb. Utilization rate stayed unchanged at 92.6%.
Gasoline inventory slipped -2.37 mmb to 203.70 mmb as demand gained +5.31% to 9.31M bpd. Production rose +1.16% to 9.36M bpd while imports soared +0.79% to 0.79M bpd. Distillate inventory rose +0.68 mmb to 124.22 mmb as demand slipped -5.83% to 3.57M bpd. Imports climbed +54.93% to 0.10M bpd while production fell -0.64% to 4.67M bpd during the week.
| Weekly change in inventory as of 10/08/12 | Actual | Change | Consensus | Previous |
| Crude oil | 366.16 mmb | -3.70 mmb | -1.50 mmb | -3.73 mmb |
| Gasoline | 203.70 mmb | -2.37 mmb | -2.00 mmb | -1.80 mmb |
| Distillate | 124.22 mmb | +0.68 mmb | -0.28 mmb | -0.72 mmb |
Comparison between API and EIA reports:
API Aug 10) | EIA (Aug 10) | |||||
Actual | Inventory | Previous | Forecast (using API's inventory level) | Inventory | ||
Crude oil | +2.78 mmb | 367.09 mmb | -5.35 mmb | -2.77 mmb | 367 mmb | |
Gasoline | -2.00 mmb | 205.66 mmb | +0.42 mmb | -0.41 mmb
| 206 mmb | |
Distillate | +1.20 mmb |
126.13 mmb |
+2.37 mmb | +2.59 mmb | 126 mmb |
Original post:
Crude and Gasoline Stocks Declined More than Expected
