Oil Stocks
EIA says US crude oil stocks fell 1.2 mln bbl in week to Friday; exports up
This story was originally published at 13:36 IST on 3 January 2025
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MUMBAI – Crude oil inventories in the US, excluding those in the Strategic Petroleum Reserves, fell by 1.2 million barrels from the previous week to 415.6 million barrels in the week ended Friday. Analysts at Dow Jones had expected crude oil stocks to fall by 2.4 million barrels. US crude oil inventories are about 5?low the five-year average for this time of the year, the US Energy Information Administration said in its weekly report on Thursday.
Petrol inventories rose by 7.7 million barrels from the previous week to 231.4 million barrels, higher than Dow Jones analysts' expectation of a decrease of 300,000 barrels. Petrol stocks were slightly below the five-year average for this time of the year. Distillate fuel inventories rose by 6.4 million barrels to 122.9 million barrels in the week ended Friday, while Dow Jones analysts had expected a rise of 100,000 barrels. Distillate fuel stocks were about 6?low the five-year average for this time of the year.
Refinery utilisation rose to 92.7% from 91.8% in the previous week, according to the report. Crude oil production in the US, the largest producer of the commodity, fell by 12,000 barrels per day to 13.6 million barrels per day in the week ended Friday.
At 1235 IST, the most active February contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was steady at $73.15 per barrel.
US crude oil imports averaged 6.9 million barrels per day in the week ended Friday, up 455,000 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 1.3% from the corresponding period last year.
Of the top 10 countries that export crude oil to the US, imports from four countries rose during the week. Crude oil imports by the US from Venezuela rose the most by 233,000 barrels per day and imports from Libya rose by 139,000 barrels per day. Imports of crude oil from Mexico rose by 154,000 barrels per day while those from Saudi Arabia fell the most by 281,000 barrels per day.
US crude oil exports rose 132,000 barrels per day to 3.9 million barrels per day in the week ended Friday, the report showed. Strategic Petroleum Reserves in the US rose 300,000 barrels to 393.6 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 22.5 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 | 415.6 |
(-)0.3 |
| Petrol | 231.4 | 3.5 |
| Kerosene-type jet fuel | 41.2 | 1.2 |
| Distillate fuel oil | 122.9 | 5.5 |
| Propane/propylene | 90.1 | (-)0.6 |
| Unfinished oils | 85.0 | 0.1 |
| Other oils | 285.3 | (-)1.1 |
End
US$1 = INR 85.77
Reported by Taniva Singha Roy
Edited by Deepshikha Bhardwaj
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