US Crude Stocks
EIA says US crude oil stocks rose 5.8 mln bbl in week to Fri; exports down
This story was originally published at 14:10 IST on 10 October 2024
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MUMBAI – US crude oil inventories, excluding those in the Strategic Petroleum Reserve, rose 5.8 million barrels from the previous week to 422.7 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 rise by 1.3 million barrels. US crude oil stocks are about 4?low the five-year average for this time of the year.
Petrol stocks in the US fell 6.3 million barrels from the previous week to 214.9 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 4?low the five-year average for this time of the year, the report said. Distillate fuel inventories fell 3.1 million barrels to 118.5 million barrels, while Dow Jones analysts had expected a fall of 1.0 million barrels.
Refinery utilisation fell to 86.7% in the week from 87.6% 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 13.4 million barrels per day.
At 1218 IST, the most active December contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was up 0.5% at $73.63 per barrel on rising West Asia tensions and the risk of Iran's oil industry being affected by the conflict with Israel, Dow Jones quoted ANZ Research analyst Daniel Hynes in a note as saying. There is growing concern that Israel's allies will have little power over its strategy even though US President Biden has been discouraging Israel from attacking Iran's oil facilities, he added.
US crude oil imports averaged 6.2 million barrels per day in the week ended Friday, down 389,000 barrels per day from the previous week, the report said. Crude oil imports over the last four weeks averaged about 6.4 million barrels per day, down 2.5% from the corresponding period last year.
Crude oil imports from Canada in the week ended Friday fell the most by 300,000 barrels per day, while imports from Colombia by the US were down 198,000 barrels per day, according to the report. On the other hand, imports from Saudi Arabia rose the most by 141,000 barrels per day, it said.
US crude oil exports fell 84,000 barrels to 3.79 million barrels per day in the week ended Friday, the report said. Strategic Petroleum Reserves in the US rose 400,000 barrels to 382.9 million barrels in the week.
Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, rose by 1.2 million barrels to 24.9 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 | 422.7 |
1.4 |
| Petrol | 214.9 | (-) 2.9 |
| Kerosene-type jet fuel | 44.1 | (-)3.4 |
| Distillate fuel oil | 118.5 | (-)2.6 |
| Propane/propylene | 99.8 | 2.0 |
| Unfinished oils | 81.9 | 0.0 |
| Other oils | 312.7 | (-)1.0 |
End
US$1 = INR 83.96
Reported by Taniva Singha Roy
Edited by Deepshikha Bhardwaj
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