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Informist, Thursday, Dec. 12, 2024

 

MUMBAI – Crude oil inventories in the US, excluding those in the Strategic Petroleum Reserve, fell by 1.4 million barrels from the previous week to 422 million barrels in the week ended Friday. Analysts at Dow Jones had expected crude oil stocks to fall by a million barrels. US crude oil inventories are about 6?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 by 5.1 million barrels from the previous week to 219.7 million barrels, much higher than Dow Jones analysts' expectation of a 600,000 barrels increase. Petrol stocks were about 4?low the five-year average for this time of the year. Distillate fuel inventories rose by 3.2 million barrels to 121.3 million barrels in the week ended Friday, while Dow Jones analysts expected a rise of 1 million barrels. Distillate fuel stocks were about 4?low the five-year average for this time of year.

 

Refinery utilisation fell to 92.4% in the week from 93.3% the previous week, according to the report. Crude oil production in the US, the largest producer of the commodity, rose 118,000 barrels per day to 13.6 million barrels per day in the week ended Friday.

 

At 1152 IST, the most active January contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was up 0.2% at $70.44 per barrel as the European Union plans to impose sanctions on Russian oil, leading to concerns about global supply of the commodity.

 

US crude oil imports averaged 6 million barrels per day in the week ended Friday, down 1.3 million barrels per day from the previous week, the report showed. Over the last four weeks, crude oil imports have averaged about 6.8 million barrels per day, up 2.5% from the corresponding period last year.

 

Of the top 10 countries that export crude oil to the US, imports from six countries fell during the week. Crude oil imports by the US from Saudi Arabia fell the most by 217,000 barrels per day and imports from Canada fell by 215,000 barrels per day. Imports of crude oil from Libya fell by 204,000 barrels per day and imports from Iraq fell by 184,000 barrels per day. Crude oil imports from Colombia fell by 158,000 barrels per day, the report showed. Crude oil imports by the US from Mexico rose by 161,000 barrels per day to 440,000 barrels per day.

 

US crude oil exports fell 1.1 million barrels per day to 3.1 million barrels per day in the week ended Friday, the report showed. Strategic Petroleum Reserves in the US rose 700,000 barrels to 392.5 million barrels during the week.

 

Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, fell by 1.3 million barrels to 22.9 million barrels in the week ended Friday, 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	422.0	(-)0.3
Petrol	219.7	2.4
Kerosene-type jet fuel	41.9	0.6
Distillate fuel oil	121.3	2.7
Propane/propylene	93.1	(-)3.1
Unfinished oils	79.0	(-)1.9
Other oils	292.1	(-)1.8

 

 

End

 

US$1 = INR 84.87

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

 

Reported by Ashutosh Pati

Edited by Deepshikha Bhardwaj

 

 

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