Crude Inventories
EIA says US crude oil stocks fell 1 mln bbl in week to Friday; exports down
This story was originally published at 11:09 IST on 9 January 2025
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MUMBAI – Crude oil inventories in the US, excluding those in the Strategic Petroleum Reserves, fell by 1 million barrels from the previous week to 414.6 million barrels in the week ended Friday, in line with the expectations of analysts at Dow Jones. US crude oil inventories were about 6?low 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 6.3 million barrels from the previous week to 237.7 million barrels, higher than Dow Jones analysts' expectation of a rise of 500,000 barrels. Petrol stocks were 1% below the five-year average for this time of the year. Distillate fuel inventories rose by 6.1 million barrels to 128.9 million barrels in the week ended Friday, while Dow Jones' analysts had expected a rise of 200,000 barrels. Distillate fuel stocks were about 4?low the five-year average for this time of the year.
Refinery utilisation rose to 93.3% from 92.7% in the previous week, according to the report. Crude oil production in the US, the largest producer of the commodity, fell by 10,000 barrels per day to 13.6 million barrels per day in the week ended Friday.
At 1047 IST, the most active February contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was down 0.1% at $73.24 per barrel.
US crude oil imports averaged 6.4 million barrels per day in the week ended Friday, down 497,000 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 1.4% from the corresponding period last year.
Of the top 10 countries that export crude oil to the US, imports from three countries rose during the week. Crude oil imports by the US from Canada rose the most, by 689,000 barrels per day and imports from Ecuador rose by 147,000 barrels per day. Imports of crude oil from Colombia fell the most, by 217,000 barrels per day, while those from Mexico fell by 159,000 barrels per day. Crude oil imports from Libya and Venezuela fell by 133,000 barrels per day and 100,000 barrels per day, respectively.
US crude oil exports fell 776,000 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 200,000 barrels to 393.8 million barrels during the week.
Inventories of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, fell by 2.5 million barrels to 20 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 | 414.6 |
(-)0.2 |
| Petrol | 237.7 | 2.7 |
| Kerosene-type jet fuel | 41.6 | 1.1 |
| Distillate fuel oil | 128.9 | 4.9 |
| Propane/propylene | 82.6 | (-)2.9 |
| Unfinished oils | 78.1 | (-)1.9 |
| Other oils | 280.8 | (-)1.6 |
End
US$1 = INR 85.92
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Namrata Rao
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