Crude Oil
EIA says US crude oil stocks fell 2.2 mln bbl in week to Oct 11, exports up
This story was originally published at 14:44 IST on 18 October 2024
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MUMBAI – US crude oil inventories, excluding those in the Strategic Petroleum Reserve, fell by 2.2 million barrels from the previous week to 420.5 million barrels in the week ended Oct. 11, the US Energy Information Administration said in its weekly report Thursday. Analysts at Dow Jones had expected inventories to rise by 1.9 million barrels. US crude oil stocks are about 5?low the five-year average for this time of the year.
Petrol stocks in the US fell by 2.2 million barrels from the previous week to 212.7 million barrels in the week ended Oct. 11, while analysts at Dow Jones had forecast a fall of 2.0 million barrels. US petrol stocks are about 4?low the five-year average for this time of the year. Distillate fuel inventories fell by 3.5 million barrels to 115 million barrels in the week ended Oct. 11, while Dow Jones analysts had expected a fall of 2.2 million barrels.
Refinery utilisation rose to 87.7% in the week from 86.7% in the previous week, the report said. Crude oil output in the US, the largest producer of the commodity, rose 100,000 barrels to 13.5 million barrels per day in the week ended Oct.11.
At 1307 IST, the most active December contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was up 0.3% at $70.30 per barrel due to escalation of geopolitical tensions in West Asia. Israel claimed its forces killed Hamas leader Yahya Sinwar in the Gaza Strip, AlJazeera reported.
US crude oil imports averaged 5.5 million barrels per day in the week ended Oct. 11, down 710,000 barrels per day from the previous week, the report said. Crude oil imports over the last four weeks averaged about 6.2 million barrels per day, down 3.4% from the corresponding period last year.
Crude oil imports by the US from Ecuador in the week ended Oct. 11 fell the most by 193,000 barrels per day and US crude oil imports from Venezuela fell by 181,000 barrels per day, according to the report. Crude oil imports by the US from Iraq fell by 171,000 barrels per day while imports from Nigeria rose the most by 90,000 barrels. On other hand, crude oil imports from Canada, Mexico, Saudi Arabia, and Brazil rose marginally in the week ended Oct. 11.
US crude oil exports rose 329,000 barrels per day to 4.1 million barrels per day, the report said. Strategic Petroleum Reserves in the US rose 1 million barrels to 383.9 million barrels in the week.
Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, rose by 100,000 barrels to 25 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 | 420.5 |
(-)0.5 |
| Petrol | 212.7 | (-)1.0 |
| Kerosene-type jet fuel | 42.8 | (-)2.8 |
| Distillate fuel oil | 115.0 | (-)3.0 |
| Propane/propylene | 103.1 | 3.4 |
| Unfinished oils | 82.3 | 0.5 |
| Other oils | 311.1 | (-)0.5 |
End
US$1 = INR 84.07
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Akul Nishant Akhoury
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