DOE Petroleum Inventory Summary for 05/22/24

Less bearish than Tuesday's API estimates

The DOE reported a 1.8 mmbls build in US total commercial crude oil inventories for the week ended May 17, somewhat less than the 2.5 mmbls gain from Tuesday’s American Petroleum Institute statistics. Stocks at the Cushing, Oklahoma delivery point for NYMEX WTI futures increased 1.3 mmbls, also less than the 1.8 mmbls gain the API posted. With rising refinery crude runs and stronger exports on the week, it’s not clear where the stock increase came from. The DOE typically explains the lack of congruence as due to “leads and lags”.

The DOE reported a 0.4 mmbls build in US total distillate inventories (heating oil plus diesel fuel) for last week, a closer match with our estimate than the 0.3 mmbls draw from Tuesday’s API statistics. Inventories in the East Coast (PADD 1) region surrounding the NY Harbor delivery point declined 0.4 mmbls on the week.

US total gasoline inventories declined 0.9 mmbls last week according to the DOE, more in line with expectations than the 2.1 mmbls build the API posted. Stocks in the East Coast (PADD 1) region associated with the NY harbor delivery point for NYMEX RBOB futures increased 0.5 mmbls.

Please see the attached file for a summary table and charts of the data.