Total crude oil and petroleum products stocks declined -9.10 mmb to 1106.40 mmb in the week ended November 12. Crude oil inventory plummeted -7.29 mmb, compared with consensus of a -1.20 mmb incrase, to 357.6 mmb as stockpile in Gulf Coast tumbled -6.81 mmb. Cushing stock, however, rose +1.27 mmb for the first time since July 30. Utilization rate climbed +1.6% to 84.0%.
Concerning oil products, both gasoline and distillate stockpiles declined during the week. Gasoline inventory fell-2.66 mmb to 207.68 mmb while that for distillate dipped -1.11 mmb to 158.79 mmb. Gasoline demand slipped -1.15% to 8.95M bpd but was offset by declines in imports (-29.93%) and production (-0.89%). Distillate demand contracted 13.97% to 3.78M bpd. While production climbed +1.65% to 4.31M bpd, imports halved to 0.09M bpd.
WTI crude oil jumped to as high as 82.43 immediately after the report. However, gains were pared as market sentiment remained fragile.
Weekly change in inventory as of 13/11/10
Comparison between API and EIA reports:
API (Nov 13)
EIA (Nov 13)
Forecast (using API's inventory level)
API collects stockpile information on a voluntary basis from operators of refineries, 76% of the time, using data in the past 4 years.
Source: Bloomberg, API, EIA