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Informist, Thursday, Sep 12, 2024

 

MUMBAI – Crude oil inventories in the US, excluding those in the Strategic Petroleum Reserve, increased by 800,000 barrels from the previous week to 419.1 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 rise by 700,000 bbl. US crude oil stocks are about 4?low the five-year average for this time of the year, the report said.

 

Petrol stocks in the US increased by 2.3 mln bbl from last week to 221.6 mln bbl in the week ended Friday, way higher than Dow Jones analysts' expectation of a rise by 100,000 bbl. Petrol stocks are about 1?low the five-year average for this time of the year, the report said. Distillate fuel inventories rose by 2.3 mln bbl from last week to 125 mln bbl in the week ended Friday.

 

Refinery utilisation fell to 92.8% in the week ended Friday from 93.3% in the previous week, the report said. Crude oil output in the US, the largest producer of the commodity, was 13.3 mln barrels per day in the week ended Friday, same as the previous week.

 

At 1150 IST, the most-active October contract of the West Texas Intermediate crude oil on the New York Mercantile Exchange was at $68.04 per bbl, up 1.1% from the previous close, amid worries about supply disruptions due to hurricane Francine's impact on production in the US. The hurricane is on a path that may hit six Gulf coast refineries and ports, which has prompted oil companies to shut roughly 25% of Gulf crude output, Dow Jones quoted ANZ Research analysts as saying in a note.

 

Moreover, EIA expects crude oil prices to rise again in the coming months, driven by a decline in global oil inventories because of the extension of production cuts by the Organization of the Petroleum Exporting Countries and allies until December. 

 

US crude oil imports averaged 6.9 mln bpd in the week ended Friday, up 1.1 mln bpd from the previous week, the report said. Crude oil imports over the last four weeks averaged about 6.5 mln bpd, down 7.3% from the corresponding period last year.

 

The biggest rise in crude oil imports by the US was from Canada at 4 mln bpd in the week ended Friday from 3.5 mln bpd in the previous week, the report said. Crude oil imports by the US from Nigeria rose by 143,000 bpd to 175,000 bpd and crude oil imports from Mexico increased by 136,000 bpd to 510,000 bpd in the week ended Friday.

 

US crude oil exports fell by 451,000 bpd to 3.3 mln bpd in the week ended Friday, the report said. Strategic Petroleum Reserves in the US fell by 300,000 bbl to 380 mln bbl in the week ended Friday.

 

Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, fell to 24.7 mln bbl in the week ended Friday from 26.4 mln bbl the previous week, 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	419.1	0.2
Petrol	221.6	1.1
Kerosene-type jet fuel	48.0	2.6
Distillate fuel oil	125.0	1.9
Propane/propylene	96.8	1.2
Unfinished oils	79.6	0.3
Other oils	319.4	0.3

 

End

 

US$1 = 83.98 rupees

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

 

Reported by Ashutosh Pati

Edited by Aditya Sakorkar

 

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