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Informist, Friday, Aug 9, 2024

 

MUMBAI – Crude oil stocks, excluding strategic petroleum reserves, in the US slipped by 3.7 mln barrels to 429.3 mln bbl in the week ended Aug 2, the Energy Information Administration said in a report on Wednesday. Analysts at Dow Jones had forecast a fall in inventory by 500,000 bbl. Crude oil inventories in the US are about 6?low the five-year average for this time of year, according to the report. 

 

Petrol stocks rose by 1.3 mln bbl to 225.1 mln bbl, against the Dow Jones estimates of a decline of 1.3 mln bbl. Distillate stocks rose by 900,000 mln bbl to 127.8 mln bbl, while Dow Jones had forecast a rise of 500,000 mln bbl. 

 

Refinery utilisation in the US rose slightly to 90.5% from 90.1% the previous week. Crude oil output in the US, the world's largest producer, increased by 100,000 mln bbl to 13.4 mln bbl per day.

 

During the week, US crude oil exports fell by 1.28 mln barrels per day to 3.64 mln bpd. Crude oil imports by the country were down 729,000 bpd to 6.22 mln bpd. The four-week average crude oil imports in the week ended Friday were at 6.8 mln bpd, up 0.7% from the corresponding period last year, the agency said.

 

Crude oil imports by the US from Canada fell the most by 554,000 bpd to 3.47 bpd during the week, while imports from South Arabia rose the most by 209,000 bpd to 353,000 bpd. 

 

Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, were at 30.4 mln bbl from 29.9 mln tn during the previous week, 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 375.8 mln bbl during the week.

 

	Inventory (mln bbl)	Weekly change (%)
Crude oil	429.3	(-)0.9
Petrol	225.1	0.6
Kerosene-type jet fuel	46.1	(-)2.3
Distillate fuel oil	127.8	0.7
Propane/propylene	87.9	0.6
Unfinished oils	81.9	(-)0.3
Other oils	323.5	0.8

 

End

US$1 = 83.94 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Anjali Lavania

Edited by Akul Nishant Akhoury

 

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