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Informist, Thursday, Oct. 31, 2024

 

MUMBAI – US crude oil inventories, excluding those in the Strategic Petroleum Reserve, fell by 500,000 barrels from the previous week to 425.5 million barrels in the week ended Friday, the US Energy Information Administration said in its weekly report Thursday. Analysts at Dow Jones had expected inventories to rise by 1.0 million barrels. US crude oil stocks are about 4?low the five-year average for this time of the year.

 

Petrol inventories fell by 2.7 million barrels from last week to 210.9 million barrels and were about 3?low the five-year average for this time of year. Distillate fuel inventories fell by 1.0 million barrels to 112.9 million barrels in the week ended Oct. 25, while Dow Jones analysts had expected a fall of 1.3 million barrels. Distillate fuel stocks were about 9?low the five-year average. 

 

Refinery utilisation fell to 89.1% in the week from 89.7% 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. 25, unchanged from the previous week.

 

At 1207 IST, the most-active December contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was up 0.6% at $69.05 per barrel. Crude oil futures on the NYMEX rose in early Asian trade Thursday due to a surprise drawdown in US crude inventories and as the Organization of the Petroleum Exporting Countries and its allies could delay December's planned increase in oil production by a month or more due to concern about soft oil demand and rising supply.

 

US crude oil exports rose 149,000 barrels per day to 4.26 million barrels per day, the report said. Strategic Petroleum Reserves in the US rose 1.2 million barrels to 385.8 million barrels during the week. 

 

US crude oil imports averaged 6.0 million barrels per day in the week ended Friday, down 456,000 barrels per day from the previous week, the report said. Crude oil imports over the last four weeks averaged about 6.0 million barrels per day, down 2.2% from the corresponding period last year.

 

Of the top 10 countries that export crude oil to the US, imports from three rose during the week. US crude oil imports from Mexico rose the most by 363,000 barrels per day to 621,000 barrels per day. Imports of crude oil by the US from seven countries fell. Imports from Colombia fell the most, by 215,000 barrels to 150,000 barrels, and imports from Brazil fell by 197,000 barrels to 88,000 barrels.

 

Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, rose by 700,000 barrels to 25.4 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	425.5	(-)0.1
Petrol	210.9	(-)1.3
Kerosene-type jet fuel	43.2	(-)0.7
Distillate fuel oil	112.9	(-)0.9
Propane/propylene	101.5	(-)0.2
Unfinished oils	83.2	0.5
Other oils	308.4	(-)1.1

 

End

 

US$1 = INR 84.08

 

Reported by Taniva Singha Roy

Edited by Avishek Dutta

 

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