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Informist, Thursday, Jan. 30, 2025

MUMBAI – Crude oil inventories in the US, excluding those in the Strategic Petroleum Reserves, rose by 3.5 million barrels from the previous week to 415.1 million barrels in the week ended Friday, while analysts at Dow Jones had expected a rise of 1.1 million barrels. US crude oil inventories were 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 3.0 million barrels from the previous week to 248.9 million barrels, higher than Dow Jones analysts' expectation of a rise of 200,000 barrels. Petrol stocks were slightly below the five-year average for this time of year. 

Distillate fuel inventories fell by 5.0 million barrels to 124 million barrels in the week ended Friday, while Dow Jones' analysts had expected a fall of 2.6 million barrels. Distillate fuel stocks were about 9% below the five-year average for this time of the year.

Refinery utilisation fell to 83.5% from 85.9% the previous week, according to the report. Crude oil production in the US, the largest producer of the commodity, fell by 237,000 barrels per day to 13.2 million barrels per day in the week ended Friday, according to the report.

At 1319 IST, the most active March contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was down 0.1% at $72.57 per barrel.

US crude oil imports averaged 6.4 million barrels per day in the week ended Friday, down 297,000 barrels per day from the previous week, the report showed. Over the last four weeks, crude oil imports have averaged about 6.4 million barrels per day, up 3.6% from the corresponding period last year, the report showed.

Of the top 10 countries that export crude oil to the US, imports from six countries fell during the week. Crude oil imports by the US from Canada fell the most, by 613,000 barrels per day to 3.7 million barrels per day, and imports from Venezuela fell by 97,000 barrels per day to 319,000 barrels per day. Imports from Nigeria fell by 64,000 barrels per day to 92,000 barrels per day.

Imports from Brazil fell by 24,000 barrels per day to 114,000 barrels per day and imports from Colombia fell by 4,000 barrels per day to 283,000 barrels per day. On other hand, imports from Mexico rose by 278,000 barrels per day to 521,000 barrels per day, while those from Saudia Arabia rose by 215,000 barrels per day from 471,000 barrels per day.

US crude oil exports fell by 829,000 barrels per day to 3.7 million barrels per day in the week ended Friday, the report showed. Strategic Petroleum Reserves in the US rose 200,000 barrels to 394.8 million barrels during the week.

Inventories of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, rose by 300,000 barrels to 21.0 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.

End

US$1 = INR 86.58

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

Reported by Shreya Shetty

Edited by Akul Nishant Akhoury

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