EIA says US crude oil stocks fell 900,000 bbl in week to Friday, exports up
This story was originally published at 15:51 IST on 19 December 2024
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MUMBAI – Crude oil inventories in the US, excluding those in the Strategic Petroleum Reserves, fell by 900,000 barrels from the previous week to 421 million barrels in the week ended Friday. Analysts at Dow Jones had expected crude oil stocks to fall by 1.5 million barrels. US crude oil inventories are about 6% below the five-year average for this time of the year, the US Energy Information Administration said in its weekly report on Wednesday.
Petrol inventories rose by 2.3 million barrels from the previous week to 222 million barrels, higher than Dow Jones analysts' expectation of an increase of 1 million barrels. Petrol stocks were about 3% below the five-year average for this time of the year. Distillate fuel inventories fell by 3.2 million barrels to 118.2 million barrels in the week ended Friday, while Dow Jones analysts had expected a rise of 200,000 barrels. Distillate fuel stocks were about 7% below the five-year average for this time of the year.
Refinery utilisation fell to 91.8% in the week from 92.4% the previous week, according to the report. Crude oil production in the US, the largest producer of the commodity, fell by 27,000 barrels per day to 13.6 million barrels per day in the week ended Friday.
At 1533 IST, the most active February contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was steady at $69.60 per barrel.
US crude oil imports averaged 6.6 million barrels per day in the week ended Friday, up 665,000 barrels per day from the previous week, the report showed. Over the last four weeks, crude oil imports have averaged about 6.5 million barrels per day, down 2.1% from the corresponding period last year.
Of the top 10 countries that export crude oil to the US, imports from five countries rose during the week. Crude oil imports by the US from Canada rose the most by 510,000 barrels per day and imports from Venezuela rose by 334,000 barrels per day. Imports of crude oil from Mexico rose by 86,000 barrels per day while those from Nigeria fell by 113,000 barrels per day.
US crude oil exports rose 1.8 million barrels per day to 4.9 million barrels per day in the week ended Friday, the report showed. Strategic Petroleum Reserves in the US rose 500,000 barrels to 393.1 million barrels during the week.
Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, rose by 100,000 barrels to 23.0 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 | 421.0 | (-)0.2 |
| Petrol | 222.0 | 1.1 |
| Kerosene-type jet fuel | 41.3 | (-)1.4 |
| Distillate fuel oil | 118.2 | (-)2.6 |
| Propane/propylene | 90.1 | (-)3.2 |
| Unfinished oils | 81.7 | 3.4 |
| Other oils | 293.6 | 0.5 |
End
US$1 = INR 85.07
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Avishek Dutta
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