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Informist, Thursday, Aug 1, 2024

 

MUMBAI – Crude oil stocks in the US, excluding strategic petroleum reserves, slipped by 3.4 mln barrels to 433.0 mln bbl in the week ended Friday, the Energy Information Administration said in a report on Wednesday. The actual figures were in line with the forecast by analysts at Dow Jones. Crude oil inventories in the US are about 4?low the five-year average for this time of year, according to the report. 

 

Petrol stocks fell by 3.7 mln bbl to 223.8 mln bbl, in line with analysts's estimates at Dow Jones. Distillate stocks rose by 1.5 mln bbl to 126.8 mln bbl, the same as forecast by Dow Jones. 

 

At 1246 IST, the September contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was up 0.7% at $78.46 per bbl due to worries that a wider regional conflict in West Asia could lead to supply disruption. The decline in US crude stocks, signalling strong demand, also aided prices. 

 

Refinery utilisation in the US in the week ended Friday fell to 90.1% from 91.6% the previous week. Crude oil output in the US, the world's largest producer, was steady at 13.3 mln bbl per day.

 

During the week, US crude oil exports rose by 733,000 barrels per day to 4.91 mln bpd. Crude oil imports by the country rose by 82,000 bpd to 6.95 mln bpd. The four-week average crude oil imports in the week ended Friday were at 6.9 mln bpd, up 5.9% from the corresponding period last year, the agency said.

 

Crude oil imports by the US from Canada fell the most by 331,000 bpd to 4.03 bpd during the week, and imports from Mexico rose 149,000 bpd to 504,000 bpd. 

 

Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, fell 1.1 mln bbl from the previous week to 29.9 mln bbl, the data showed. Cushing is the designated delivery point for NYMEX crude oil futures contracts. Market participants closely monitor stockpiles in Cushing, as it has a storage capacity of about 90 mln bbl.

 

Strategic petroleum reserves in the US rose 700,000 bbl to 375.1 mln bbl during the week.

 

	Inventory (mln bbl)	Weekly change (%)
Crude oil	433.0	(-)0.8
Petrol	223.8	(-)1.6
Kerosene-type jet fuel	47.2	0.7
Distillate fuel oil	126.8	1.2
Propane/propylene	87.4	3.5
Unfinished oils	82.2	(-)1.6
Other oils	321.0	0.0

 

End

 

US$1 = 83.73 rupees

 

Reported by Taniva Singha Roy

Edited by Tanima Banerjee

 

 

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