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Informist, Thursday, May 15, 2025

 

MUMBAI – Crude oil inventories in the US, excluding those in strategic petroleum reserves, rose by 3.5 million barrels to 441.8 million barrels in the week ended Friday, the US Energy Information Administration said in a weekly report. Analysts polled by Dow Jones had expected the stocks to fall by 1.8 million barrels. US crude oil inventories were about 6% below the five-year average for this time of the year, the report showed.

 

Petrol inventories fell by 1 million barrels from the previous week to 224.7 million barrels. Analysts at Dow Jones had forecast a decline of 1.4 million barrels. Petrol stocks were around 3?low the five-year average for this time of the year, the report stated. Distillate fuel stocks fell by 3.2 million barrels to 103.6 million barrels in the week ended Friday. Analysts polled by Dow Jones had expected a fall of 100,000 barrels. Distillate fuel stocks were about 16% below the five-year average for this time of the year.

 

According to the report, refinery utilisation rose to 90.2% from 89% the previous week. Crude oil production in the US, the largest producer of the commodity, rose 20,000 barrels to 13.38 million barrels per day from 13.36 million barrels in the week ended Friday.

 

At 1102 IST, the most active June contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was down 2.4% at $61.63 per barrel.

 

US crude oil imports averaged 5.8 million barrels per day in the week ended Friday, down 214,000 barrels per day from the previous week, as per the report. Over the past four weeks, crude oil imports have averaged about 5.7 million barrels a day, 14.8% lower than the corresponding period last year.

 

Of the top 10 countries that export crude oil to the US, imports from five countries fell during the week. Imports of crude oil from Mexico fell the most, by 155,000 barrels per day to 228,000 barrels. Imports from Canada fell by 96,000 barrels per day to 3.74 million barrels per day and imports from Iraq fell by 77,000 barrels to 152,000 barrels.

 

On the other hand, crude oil imports from Brazil rose the most by 199,000 barrels per day to 285,000 barrels per day, imports from Nigeria rose by 107,000 barrels per day to 190,000 barrels per day, and those from Saudi Arabia rose by 105,000 barrels per day to 265,000 barrels, the report showed.

 

For the week ended Friday, crude oil exports by the US fell by 637,000 barrels per day to 3.37 million barrels per day, the report showed. Strategic petroleum reserves rose by 500,000 barrels to 399.7 million barrels during the week.

 

Inventories of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, fell by 1.1 million barrels to 23.9 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	441.8	0.8
Petrol	224.7	(-)0.5
Kerosene-type jet fuel	41.6	4.0
Distillate fuel oil	103.6	(-)3.0
Propane/propylene	50.4	4.7
Unfinished oils	89	(-)1.4
Other oils	306.6	0.9

 

End

 

US$1 = INR 85.66

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

 

Reported by Taniva Singha Roy

Edited by Nishant Maher

 

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