Crude inventory drew -0.98 mmb, compared with consensus of +2 mmb increase, to 337.4 mmb in the week ended October 2.Cushing also dropped -1.41 mmb. However, fuel stockpiles gained with gasoline stock building +2.94 mmb to 214.4 mmb and distillate stock rising +0.68 mmb.
WTI crude oil retreats after the report. Currently trading at 70.6, investors remain concerned about the demand outlook. RBOB gasoline price slides to 1.75 while heating oil plunges to 1.81.
US Oil Inventory
| Weekly change in inventory as of 02/10/09 | Actual | Change | Market Expectation | Previous |
| Crude oil | 337.4 mmb | -0.98 mmb | +2.00 mmb | +2.80 mmb |
| Gasoline | 214.4 mmb | +2.94 mmb | +1.4mmb | -1.66 mmb |
| Distillate | 171.8 mmb | +0.68 mmb | -0.7 mmb | +0.32 mmb |
Comparison between API and EIA reports:
API (Oct 2) | EIA (Oct 2) | |||||
Actual | Inventory | Previous | Forecast (using API’s inventory level) | Inventory | ||
Crude oil | -0.25 mmb | 339.4 mmb | +2.76 mmb | +0.96 mmb | 339 mmb | |
Gasoline | +0.54 mmb | 213.0 mmb | -1.72 mmb | +1.59 mmb | 213 mmb | |
Distillate | -2.91 mmb | 167.8 mmb | +2.29 mmb | -3.29 mmb | 169 mmb |
API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department (EIA)for its weekly survey. Oil inventories from the API and EIA moved in the same direction for over 70% of the time, using data in the past 4 years.
Source: Bloomberg, API, EIA
