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Informist, Thursday, Jan. 16, 2025

 

MUMBAI – Crude oil inventories in the US, excluding those in the Strategic Petroleum Reserves, fell by 2 million barrels from the previous week to 412.7 million barrels in the week ended Friday, while analysts at Dow Jones expected a fall of 1.1 million barrels. 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 5.9 million barrels from the previous week to 243.6 million barrels, higher than Dow Jones analysts' expectation of a rise of 1.9 million barrels. Petrol stocks were just below the five-year average for this time of the year. Distillate fuel inventories rose by 3.1 million barrels to 132 million barrels in the week ended Friday, while Dow Jones' analysts had expected a rise of 100,000 barrels. Distillate fuel stocks were about 4?low the five-year average for this time of the year.

 

Refinery utilisation fell to 91.7% from 93.3% the previous week, according to the report. Crude oil production in the US, the largest producer of the commodity, fell by 82,000 barrels per day to 13.5 million barrels per day in the week ended Friday.

 

At 1015 IST, the most active February contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was up 0.4% at $80.32 per barrel.

 

US crude oil imports averaged 6.1 million barrels per day in the week ended Friday, down 304,000 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 3.3% from the corresponding period last year.

 

Of the top 10 countries that export crude oil to the US, imports from seven countries fell during the week. Crude oil imports by the US from Canada fell the most, by 437,000 barrels per day to almost 4 million barrels per day, and imports from Nigeria fell by 154,000 barrels per day to 38,000 barrels per day. Imports from Brazil fell by 103,000 barrels per day to 129,000 barrels per day. Imports from Saudi Arabia rose by 265,000 barrels per day to 333,000 barrels per day and imports from Colombia rose by 194,000 barrels per day to 266,000 barrels per day.

 

US crude oil exports rose by 1 million barrels per day to 4.1 million barrels per day in the week ended Friday, the report showed. Strategic Petroleum Reserves in the US rose 500,000 barrels to 394.3 million barrels during the week.

 

Inventories of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, rose by 800,000 barrels to 20.8 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	412.7	(-)0.5
Petrol	243.6	2.5
Kerosene-type jet fuel	43.7	5.0
Distillate fuel oil	132.0	2.4
Propane/propylene	77.9	(-)5.7
Unfinished oils	76.2	(-)2.4
Other oils	273.0	(-)2.8

 

End

 

US$1 = INR 86.48

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

 

Reported by Ashutosh Pati

Edited by Subhojit Sarkar

 

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