Crude Inventory
EIA says US crude oil stocks rose 3.9 mln bbl in week to Fri; exports down
This story was originally published at 14:06 IST on 3 October 2024
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MUMBAI – US crude oil inventories, excluding those in the Strategic Petroleum Reserve, rose 3.9 million barrels from the previous week to 416.9 million barrels 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 500,000 barrels. US crude oil stocks are about 4?low the five-year average for this time of the year.
Petrol stocks in the US rose 1.1 million barrels from the previous week to 221.2 million barrels in the week ended Friday, while analysts at Dow Jones had forecast a fall of 300,000 barrels. US petrol stocks are about 1?low the five-year average for this time of the year, the report said. Distillate fuel inventories fell 1.3 million barrels to 121.6 million barrels, while Dow Jones analysts had expected a fall of 1.5 million barrels.
Refinery utilisation fell to 87.6% in the week from 90.9% in the previous week, the report said. Crude oil output in the US, the largest producer of the commodity, was up 100,000 barrels from last week at 13.3 million barrels per day.
At 1151 IST, the most-active December contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was up 1.4% at $71.06 per barrel as geopolitical tensions in West Asia escalated, sparking fears of supply disruptions. At least six people have been killed in Israeli air strikes targeting central Beirut overnight, Al Jazeera reported. The Iran-backed military group Hezbollah and Israeli troops are engaged in heavy fighting in southern Lebanon, where Israel confirmed that at least eight of its soldiers have been killed in close combat so far, the report said.
Iran was drawn into the conflict on Tuesday after it fired more than 180 ballistic missiles at Israel in an escalation of hostilities, which have seeped out of Israel and Palestine into Lebanon and further east, according to Reuters. This was Iran's second attack on the country since April. Iran is a major oil producer in the region.
US crude oil imports averaged 6.6 million barrels per day in the week ended Friday, up 171,000 barrels per day from the previous week, the report said. Crude oil imports over the last four weeks averaged about 6.6 million barrels per day, down 4.6% from the corresponding period last year.
Crude oil imports from Ecuador in the week ended Friday rose the most by 249,000 barrels per day, while imports from Brazil by the US were 186,000 barrels per day, according to the report. On the other hand, imports from Saudi Arabia fell the most by 147,000 barrels per day and from both Iraq and Canada, imports fell by 113,000 barrels per day, it said.
US crude oil exports fell 19,000 barrels to 3.87 million barrels per day in the week ended Friday, the report said. Strategic Petroleum Reserves in the US rose 700,000 barrels to 382.6 million barrels in the week.
Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, rose slightly by 800,000 barrels to 23.7 million barrels, 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 million barrels.
|
Inventory (million barrels) |
Weekly change (%) |
|
|---|---|---|
| Crude oil | 416.9 |
0.9 |
| Petrol | 221.2 | 0.5 |
| Kerosene-type jet fuel | 45.6 | (-)1.5 |
| Distillate fuel oil | 121.6 | (-)1.0 |
| Propane/propylene | 97.8 | 0.3 |
| Unfinished oils | 81.9 | (-)0.7 |
| Other oils | 315.8 | (-)1.2 |
End
US$1 = INR 83.95
Reported by Taniva Singha Roy
Edited by Manisha Baxla
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