US crude oil stocks down 800,000 bbl in week to Friday, says EIA
This story was originally published at 15:46 IST on 29 August 2024
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MUMBAI – US crude oil inventories, excluding those in the Strategic Petroleum Reserve, declined by 800,000 barrels to 425.2 mln bbl in the week ended Friday, the US Energy Information Administration said in a report on Wednesday. Analysts at Dow Jones had expected inventories to fall by 2.1 mln bbl. US crude oil inventories are about 4% below the five-year average for this time of the year, the report said.
Petrol stocks fell by 2.2 mln bbl last week to 218.4 mln bbl, while analysts at Dow Jones had forecast a drop of 2.0 mln bbl. Petrol stocks are about 3% below the five-year average for this time of the year, the report said. Distillate fuel stocks rose by 300,000 bbl last week to 123.1 mln bbl, while analysts at Dow Jones had forecast a fall of 500,000 bbl.
Refinery utilisation increased to 93.3% from 92.3% the previous week. Crude oil output in the US, the largest producer of the commodity, fell by 100,000 barrels per day to 13.3 mln bpd, the report said.
At 1349 IST, the most-active October contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was $74.45 per bbl, down 0.1% from the previous close, as a less-than-expected fall in US crude inventories weighed on prices.
US crude oil imports averaged 6.6 mln bpd in the week ended Friday, down 92,000 bpd from the previous week. Crude oil imports over the last four weeks averaged about 6.4 mln bpd, down 6.1% from the corresponding period last year, the report said.
Crude oil imports by the US from Mexico rose the most by 453,000 bpd to 619,000 bpd in the week ended Friday and crude oil imports from Brazil rose by 124,000 bpd to 302,000 bpd. The biggest fall in crude oil imports by the US was from Canada at 3.87 mln bpd, down 209,000 bpd.
US crude oil exports fell by 374,000 bpd to 3.67 mln bpd in the week ended Friday. Strategic petroleum reserves in the US increased by 700,000 bbl to 377.9 mln bbl, the report said.
Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, fell by 700,000 bbl to 27.5 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 | 425.2 | (-)0.2 |
| Petrol | 218.4 | (-)1.0 |
| Kerosene-type jet fuel | 47.6 | 1.6 |
| Distillate fuel oil | 123.1 | 0.2 |
| Propane/propylene | 93.1 | 1.1 |
| Unfinished oils | 81.1 | (-)1.8 |
| Other oils | 321.0 | (-)0.6 |
End
US$1 = 83.85 rupees
Reported by Taniva Singha Roy
Edited by Ashish Shirke
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