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Informist, Friday, Jan. 24, 2025

 

MUMBAI – Crude oil inventories in the US, excluding those in the Strategic Petroleum Reserves, fell by 1.0 million barrels from the previous week to 411.7 million barrels in the week ended Jan. 17. Analysts at Dow Jones had anticipated a fall of 500,000 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 Thursday.

 

Petrol inventories rose by 2.3 million barrels from the previous week to 245.9 million barrels, higher than Dow Jones analysts' expectation of a rise of 1.9 million barrels. Petrol stocks were 1?low the five-year average for this time of the year. Distillate fuel inventories fell by 3.1 million barrels to 128.9 million barrels in the week ended on Jan. 17, while Dow Jones' analysts had expected a rise of 300,000 barrels. Distillate fuel stocks were nearly 6?low the five-year average for this time of the year.

 

Refinery utilisation fell to 85.9% from 91.7% the previous week, according to the report. Production of crude oil in the US, the largest producer of the commodity, fell by 4,000 barrels per day to 13.48 million barrels per day in the week ended on Jan. 17.

 

At 1228 IST, the most active March contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was steady at $74.61 per barrel.

 

US crude oil imports averaged 6.7 million barrels per day in the week ended on Jan. 17, rising by 621,000 barrels per day from the previous week, the report said. Over the past four weeks, crude oil imports have averaged nearly 6.6 million barrels per day, rising 0.3% from the same period last year.

 

Of the top 10 countries that export crude oil to the US, imports from four countries fell during the week. Crude oil imports by the US from Mexico fell the most, by 118,000 barrels per day to 244,000 barrels per day, while there were no imports from Ecuador, against import of 103,000 barrels per day the week prior. Imports from Saudi Arabia fell by 78,000 barrels per day to 256,000 barrels per day. Imports from Canada rose the most, by 345,000 barrels per day to 4.3 million barrels per day and imports from Venezuela rose by 177,000 barrels per day to 416,000 barrels per day.

 

US crude oil exports jumped by 437,000 barrels per day to 4.5 million barrels per day in the week ended on Jan. 17, the report showed. Strategic Petroleum Reserves in the US rose 200,000 barrels to 394.6 million barrels during the week.

 

Inventories of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, declined by 100,000 barrels to 20.7 million barrels in the week ended on Jan. 17, 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	411.7	(-)0.2
Petrol	245.9	1.0
Kerosene-type jet fuel	43.8	0.2
Distillate fuel oil	128.9	(-)2.3
Propane/propylene	74.1	(-)4.8
Unfinished oils	76.8	0.8
Other oils	273.4	0.2

 

End

 

US$1 = INR 86.26

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

 

Reported by Shreya Shetty

Edited by Subhojit Sarkar

 

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