Crude Inventories
EIA says US crude oil stocks fell 4.5 mln bbl in wk to Fri; exports dn
This story was originally published at 12:43 IST on 26 September 2024
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MUMBAI – US crude oil inventories, excluding those in the Strategic Petroleum Reserve, fell 4.5 mln barrels from the previous week to 413 mln bbl in the week ended Friday, the US Energy Information Administration said in its weekly report on Wednesday. Analysts at Dow Jones had expected inventories to fall by 800,000 bbl. US crude oil stocks are about 5?low the five-year average for this time of the year.
Petrol stocks in the US fell 1.5 mln bbl from the previous week to 220.1 mln bbl in the week ended Friday, while analysts at Dow Jones had forecast a fall of 500,000 bbl. US petrol stocks are about 1?low the five-year average for this time of the year, the report said. Distillate fuel inventories fell 2.2 mln bbl to 122.9 mln bbl, while Dow Jones analysts had expected a fall of 1.2 mln bbl.
Refinery utilisation fell to 90.9% in the week from 92.1% in the previous week, the report said. Crude oil output in the US, the largest producer of the commodity, was unchanged from last week at 13.2 mln bbl per day.
At 1105 IST, the most-active December contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was down 0.9% at $69.09 per bbl as a fall in stocks was offset by signs of a return of Libyan supply and demand concerns despite China's latest stimulus plans. "Concerns lingered that more fiscal support would be needed to boost confidence in the Chinese economy. This uncertainty raised doubts about sustained demand growth, weighing on crude prices," Reuters quoted George Khoury, global head of education and research at CFI Financial Group, as saying.
US crude oil imports averaged 6.5 mln bpd in the week ended Friday, up 135,000 bpd from the previous week, the report said. Crude oil imports over the last four weeks averaged about 6.4 mln bpd, down 9.5% from the corresponding period last year.
The US did not import any crude oil from Brazil in the week ended Friday, while during the previous week it had imported 306,000 bpd of crude oil from the country, the report said. Crude oil imports by the US from Canada fell 243,000 bpd to 3.9 mln bpd in the week ended Friday. Crude oil imports from Nigeria fell 129,000 bpd to 135,000 bpd, it said. Crude oil imports from Colombia rose 174,000 bpd to 295,000 bpd in the week ended Friday.
US crude oil exports fell 692,000 bbl to 3.9 mln bpd in the week ended Friday, the report said. Strategic Petroleum Reserves in the US rose 1.3 mln bbl to 381.9 mln bbl in the week.
Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, rose slightly by 100,000 bbl to 22.8 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 | 413 |
(-)1.1 |
| Petrol | 220.1 | (-)0.7 |
| Kerosene-type jet fuel | 46.3 | (-)2.3 |
| Distillate fuel oil | 122.9 | (-)1.8 |
| Propane/propylene | 97.6 | (-)1.6 |
| Unfinished oils | 82.5 | 0.3 |
| Other oils | 319.7 | (-)0.5 |
End
US$1 = 83.70 rupees
Reported by Ashutosh Pati
Edited by Manisha Baxla
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