Just to clarify something:
Castrol Magnatec Professional 5W30 is LL01 and used by BMW, so technically nothing wrong with using this! Both my 330i and my Wife's 320i (same as OP) are currently using this, and so are both of my father in law's cars (E46 328i and Z4 3.0i).
Now with my Wife's car, there is a leak at the oil filter housing, so need to still replace the gasket. Oil usage is not massively bad but still a problem, and more annoying is the horrible hot burning off oil smell since it is leaking onto the side of the engine right where the combustion chambers are.
So, before considering changing oil brand and spec (last thing to do at the moment IMO), check for leaks around the oil filter housing (have to remove the air filter box to see properly), the valve cover gasket (usually along the exhaust side but also feel around the back of the engine with the particle filter and housing off), and finally, check the lower engine covers for traces of oil dripping (less likely based on the amount of oil disappearing).
Do you not ever smell a hot burnt oil smell coming from the front of the car?