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Informist, Thursday, Nov. 21, 2024

 

MUMBAI – US crude oil inventories, excluding those in the Strategic Petroleum Reserve, rose by 500,000 barrels from the previous week to 430.3 million barrels in the week ended Friday, while analysts at Dow Jones had expected a fall of 800,000 barrels. US crude oil stocks are about 4?low the five-year average for this time of the year, the US Energy Information Administration said in its weekly report Wednesday.

 

Petrol inventories rose 2.1 million barrels from the previous week to 208.9 million barrels and were about 4?low the five-year average for this time of the year. Analysts at Dow Jones had expected petrol stocks to fall by 200,000 barrels. Distillate fuel inventories fell by 100,000 barrels to 114.3 million barrels in the week ended Friday, while Dow Jones analysts had expected a fall of 400,000 barrels. Distillate fuel stocks were about 4?low the five-year average for this time of year.

 

Refinery utilisation fell to 90.2% in the week from 91.4% the previous week, according to the report. Crude oil output in the US, the largest producer of the commodity, fell 199,000 barrels per day to 13.2 million barrels per day in the week ended Friday.

 

At 1150 IST, the most-active January contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was up 0.2% at $68.90 per barrel. Crude oil prices rose in early Asian trade Thursday due to concerns about supply as the war between Russia and Ukraine escalated, with the latter using US-supplied tactical missiles to strike deep in Russia Tuesday.

 

US crude oil imports averaged 7.7 million barrels per day in the week ended Friday, up 1.2 million barrels per day from the previous week, the report showed. Over the last four weeks, crude oil imports have averaged about 6.6 million barrels per day, up 2.7% from the corresponding period last year.

 

Of the top 10 countries that export crude oil to the US, imports from eight rose during the week. Crude oil imports by the US from Mexico rose the most by 384,000 barrels per day to 768,000 barrels per day. Imports of crude oil by the US from Colombia rose 272,000 barrels per day and crude oil imports from Brazil rose by 218,000 barrels per day, the report showed. Imports of crude oil by the US from Venezuela fell 148,000 barrels in the week ended Friday.

 

US crude oil exports rose 938,000 barrels per day to 4.37 million barrels per day in the week ended Friday, the report showed. Strategic Petroleum Reserves in the US rose 1.4 million barrels to 389.2 million barrels during the week.

 

Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, fell by 100,000 barrels to 25.1 million barrels, according to the report. Cushing is the designated delivery point for NYMEX 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	430.3	0.1
Petrol	208.9	1.0
Kerosene-type jet fuel	42.9	1.6
Distillate fuel oil	114.3	(-)0.1
Propane/propylene	97.7	(-)0.7
Unfinished oils	82.3	(-)0.7
Other oils	303.4	0.0

 

End

 

US$1 = INR 84.45

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Ashutosh Pati

Edited by Ashish Shirke

 

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