Oil Stocks
EIA says US crude oil stocks up 5.5 mln bbl in week to Oct 18, exports down
This story was originally published at 13:16 IST on 24 October 2024
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MUMBAI – US crude oil inventories, excluding those in the Strategic Petroleum Reserve, rose by 5.5 million barrels from the previous week to 426.0 million barrels in the week ended Oct. 18, the US Energy Information Administration said in its weekly report Wednesday. Analysts at Dow Jones had expected inventories to rise by 800,000 barrels. US crude oil stocks are about 4?low the five-year average for this time of the year.
Petrol inventories increased by 900,000 barrels from last week to 213.6 million barrels and were about 3?low the five-year average for this time of year. However, analysts at Dow Jones had forecast a 1.3-million-barrel fall in petrol stocks. Distillate fuel inventories fell by 1.1 million barrels to 113.8 million barrels in the week ended Oct. 18, while Dow Jones analysts had expected a fall of 1.6 million barrels. Distillate fuel stocks were about 9?low the five-year average.
Refinery utilisation rose to 89.5% in the week from 87.7% in the previous week, the report said. Crude oil output in the US, the largest producer of the commodity, was at 13.5 million barrels per day in the week ended Oct. 18, unchanged from the previous week.
At 1143 IST, the most-active December contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was up 1.06% at $71.51 per barrel.
US crude oil exports fell 11,000 barrels per day to 4.1 million barrels per day, the report said. Strategic Petroleum Reserves in the US rose 800,000 barrels to 384.6 million barrels in the week.
US crude oil imports averaged 6.4 million barrels per day in the week ended Oct. 18, up 902,000 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, up 1.3% from the corresponding period last year.
Out of the top 10 countries that export crude oil to the US, imports from seven countries rose in the week ended Oct. 18. The US crude oil imports from Canada increased the most by 182,000 barrels per day to 3.7 million barrels per day. Imports also rose from Iraq by 167,000 barrels per day, Colombia by 143,000 barrels per day, Brazil by 131,000 barrels per day, Venezuela by 155,000 barrels per day, Ecuador by 103,000 barrels per day, and Libya by 81,000 barrels per day. On the other hand, crude oil imports from Mexico, Saudi Arabia, and Nigeria by the US fell in the week that ended Friday.
Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, fell by 300,000 barrels to 24.7 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 | 426.0 |
1.3 |
| Petrol | 213.6 | 0.4 |
| Kerosene-type jet fuel | 43.5 | 1.5 |
| Distillate fuel oil | 113.8 | (-)1.0 |
| Propane/propylene | 101.8 | (-)1.3 |
| Unfinished oils | 82.7 | 0.6 |
| Other oils | 311.8 | 0.2 |
End
US$1 = INR 84.07
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by J. Navya Sruthi
Edited by Vidhi Verma
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