US crude oil stocks down 4.6 mln bbl in week to Aug 16, says EIA
This story was originally published at 15:59 IST on 22 August 2024
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MUMBAI – Crude oil inventories in the US, excluding those in the Strategic Petroleum Reserve, declined by 4.6 mln barrels to 426 mln bbl in the week ended Aug 16, the US Energy Information Administration said in a report on Wednesday. Analysts at Dow Jones had expected inventories to fall by 1.5 mln bbl. US crude oil inventories are about 5% below the five-year average for this time of the year, the report said.
Petrol stocks fell by 1.6 mln bbl last week to 220.6 mln bbl, while analysts at Dow Jones had forecast a drop of 1.3 mln bbl. Petrol stocks are about 3% below the five-year average for this time of the year, the report said. Distillate fuel stocks fell by 3.3 mln bbl last week to 122.8 mln bbl, while analysts at Dow Jones had forecast a fall of 500,000 bbl.
Refinery utilisation increased to 92.3% from 91.5% the previous week. Crude oil output in the US, the largest producer of the commodity, increased by 100,000 barrels per day to 13.4 mln bpd, the report said.
At 1400 IST, the most-active October contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was $71.85 per bbl, down 0.1% from the previous close, due to weak global demand and fears of a possible recession in the US. The US Department of Labour revised downward its estimate for the number of jobs added in the country in the year to March to 174,000 jobs per month, down 28% from the previously reported 242,000. This suggests the expected softening in the labour market could be more than expected.
US crude oil imports averaged 6.7 mln bpd in the week ended Friday, up 366,000 bpd from the previous week. Crude oil imports over the last four weeks averaged about 6.5 mln bpd, down 4.8% from the corresponding period last year, the report said.
Crude oil imports by the US from Mexico fell the most by 548,000 bpd to 167,000 bpd in the week ended Friday and crude oil imports from Brazil fell by 251,000 bpd to 177,000 bpd. The biggest rise in crude oil imports by the US was from Canada at 4.1 mln bpd, up 298,000 bpd in the week ended Friday.
US crude oil exports rose by 289,000 bpd to 4 mln bpd in the week ended Friday. Strategic petroleum reserves in the US increased by 600,000 bbl to 377.2 mln bbl, the report said.
Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, fell by 600,000 bbl to 28.2 mln bbl, the report said. 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 | 426 | (-)1.1 |
| Petrol | 220.6 | (-)0.7 |
| Kerosene-type jet fuel | 46.8 | 1.3 |
| Distillate fuel oil | 122.8 | (-)2.6 |
| Propane/propylene | 92.1 | 2.2 |
| Unfinished oils | 82.6 | 0.0 |
| Other oils | 322.8 | 0.3 |
End
US$1 = 83.95 rupees
Reported by Ashutosh Pati
Edited by Ashish Shirke
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