Crude Oil
EIA says US crude oil stocks up 2.1 mln bbl in week to Fri, exports down
This story was originally published at 13:37 IST on 7 November 2024
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MUMBAI – US crude oil inventories, excluding those in the Strategic Petroleum Reserve, rose by 2.1 million barrels from the previous week to 427.7 million barrels in the week ended Friday, the US Energy Information Administration said in its weekly report Wednesday. US crude oil stocks are about 5?low the five-year average for this time of the year.
Petrol inventories rose by 400,000 barrels from the previous week to 211.3 million barrels and were about 2?low the five-year average for this time of year. Analysts at Dow Jones had expected petrol inventories to fall by 900,000 barrels. Distillate fuel inventories rose by 2.9 million barrels to 115.8 million barrels in the week ended Friday, while Dow Jones analysts had expected a fall of 300,000 barrels. Distillate fuel stocks were about 6?low the five-year average for this time of year.
Refinery utilisation rose to 90.5% in the week from 89.1% 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 Friday, unchanged from the previous week.
At 1225 IST, the most-active December contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was up 0.2% at $71.84 per barrel. Crude oil prices on the NYMEX were up in early Asian trade Thursday as risks to oil supply from a Trump presidency in the US, ongoing tensions in West Asia, and a hurricane approaching the Gulf of Mexico outweighed a stronger US dollar and higher inventories.
US crude oil exports fell 1.4 million barrels per day to 2.85 million barrels per day, the report said. Strategic Petroleum Reserves in the US rose 1.4 million barrels to 387.2 million barrels during the week.
US crude oil imports averaged 6.2 million barrels per day in the week ended Friday, up 265,000 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 2.4% from the corresponding period last year.
Of the top 10 countries that export crude oil to the US, imports from four rose during the week. US crude oil imports from Saudi Arabia rose the most by 430,000 barrels per day to 443,000 barrels per day. Imports of crude oil by the US from Canada rose 219,000 barrels per day to 3.87 million barrels per day. Imports of crude oil by the US from six countries fell. Imports from Mexico fell the most, by 374,000 barrels to 247,000 barrels.
Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, rose by 500,000 barrels to 25.9 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 | 427.7 |
0.5 |
| Petrol | 211.3 | 0.2 |
| Kerosene-type jet fuel | 42.9 | (-)0.5 |
| Distillate fuel oil | 115.8 | 2.6 |
| Propane/propylene | 100.5 | (-)1.0 |
| Unfinished oils | 81.0 | (-)2.6 |
| Other oils | 303.5 | (-)1.6 |
End
US$1 = INR 84.36
Reported by Taniva Singha Roy
Edited by Avishek Dutta
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