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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Mar 10 10 11:56 ET
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EIA's oil inventory data beat market expectations. Crude oil inventory increased +1.43 mmb to 343 mmb in the week ended March 5. The rise was lower than market expectations of +1.43 mmb. Cushing stock soared for a second consecutive week, by +0.63 mmb, to 30.6 mmb. Decline in fuel stockpiles is the bright spot. Gasoline stockpile drew -2.96 mmb while the market had anticipated modest gain of +0.15 mmb. Distillate inventory dropped for an 8th week, by -2.22 mmb, to 149.6 mmb. The draw was deeper than forecasts of -1 mmb.
WTI crude oil price rallies to 82.85, the highest level since January 11, after the report as it indicates improvement in the US energy market. Prices of heating oil and gasoline also surge, to 2.13 and 2.3 from yesterday's closes of 2.089 and 2.26, respectively.
| Weekly change in inventory as of 05/03/10 |
Actual |
Change |
Market Expectation |
Previous |
| Crude oil |
343.0 mmb |
+1.43 mmb |
+2.00 mmb |
+4.03 mmb |
| Gasoline |
229.0 mmb |
-2.96 mmb |
+0.15 mmb |
+0.77 mmb |
| Distillate |
149.6 mmb |
-2.22 mmb |
-1.00 mmb |
-0.84 mmb |
Comparison between API and EIA reports:
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API (Mar 5) |
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EIA (Mar 5
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Actual |
Inventory |
Previous |
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Forecast (using API's inventory level) |
Inventory |
Crude oil |
+6.50 mmb |
345.6 mmb |
+2.70 mmb |
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+4.43 mmb |
346 mmb |
Gasoline |
-3.20 mmb |
229.6 mmb |
+0.91 mmb |
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-1.94 mmb |
230 mmb |
Distillate |
-2.80 mmb |
152.5 mmb |
-4.10 mmb |
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+1.18 mmb |
153 mmb |
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
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