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Informist, Friday, Aug 16, 2024

 

MUMBAI – Crude oil inventories in the US, excluding those in the Strategic Petroleum Reserve, increased by 1.4 mln barrel to 430.7 mln bbl in the week ended Aug 9, the Energy Information Administration said in a report on Wednesday. Analysts at Dow Jones had expected a fall in stocks by 1.2 mln bbl. US crude oil stocks are about 5?low the five-year average for this time of the year, the report said.

 

Petrol stocks in the US fell by 2.9 mln bbl from last week to 222.2 mln bbl. Analysts at Dow Jones had forecast a decline of 1.6 mln bbl in petrol stocks. Distillate fuel stocks decreased by 1.7 mln bbl to 126.1 mln bbl while Dow Jones analysts had forecast a fall of 300,000 bbl. 

 

Refinery utilisation rose to 91.5% from 90.5% last week, the report said. Crude oil output in the US, the world's largest producer, fell by 100,000 bbl to 13.3 mln bbl per day.

 

At 1239 IST, the most active October contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was at $76.76, down 0.3% due to sluggish demand from China and a higher than expected increase in inventories. 

 

US crude oil imports averaged 6.3 mln bpd last week, up 61,000 bpd from the previous week while the four-week crude oil import average was around 6.6 mln bpd, down 2% from the corresponding period last year, the report said. Crude oil imports by the US from Mexico rose the most by 490,000 bpd to 714,000 bpd during the week, while from Canada, imports increased by 307,000 bpd to 3.8 mln bpd during the week. The biggest fall in crude oil imports by the US was from Saudi Arabia at 183,000 bpd, down 170,000 bpd from the previous week.

 

During the week, US crude oil exports rose by 118,000 barrels per day to 3.8 mln bpd. Strategic petroleum reserves in the US increased by 700,000 bbl to 376.5 mln bbl during the week.

 

Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, fell by 1.7 mln bbl from the previous week to 28.8 mln bbl, as per the report. Cushing is the designated delivery point for New York Mercantile Exchange crude oil futures contracts. Market participants closely monitor stockpiles in Cushing, as it has a storage capacity of about 90 mln bbl.

 

	Inventory (mln bbl)	Weekly change (%)
Crude oil	430.7	0.3
Petrol	222.2	(-)1.3
Kerosene-type jet fuel	46.2	0.3
Distillate fuel oil	126.1	(-)1.3
Propane/propylene	90.1	2.5
Unfinished oils	82.7	0.9
Other oils	321.9	(-)0.5

 

End

US$1 = 83.95 rupees

 

Reported by Ashutosh Pati

Edited by Akul Nishant Akhoury

 

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