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Informist, Thursday, Jul. 24, 2025

MUMBAI – Crude oil inventories in the US, excluding those in strategic petroleum reserves, fell by 3.2 million barrels to 419 million barrels in the week ended Friday, the US Energy Information Administration said in its weekly report. Analysts polled by Dow Jones had expected the stocks to fall by 800,000 barrels from the previous week. US crude oil inventories were about 9% below the five-year average for this time of the year, the report showed.

Petrol inventories fell by 1.7 million barrels from the previous week to 231.1 million barrels. Analysts polled by Dow Jones had forecast a fall of 1.0 million barrels. Petrol stocks were slightly above the five-year average for this time of the year, the report said. Distillate fuel stocks rose by 2.9 million barrels to 109.9 million barrels in the week ended Friday. Analysts polled by Dow Jones had expected a fall of 700,000 barrels. The distillate fuel stocks were around 19% below the five-year average for this time of the year.

According to the report, refinery utilisation rose to 95.5% from 93.9% the previous week. Crude oil production in the US, the largest producer of the commodity, fell 102,000 barrels per day to 13.27 million barrels per day in the week ended Friday.

At 1326 IST, the most-active September contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was 0.9% higher at $65.83 per barrel.

US crude oil imports averaged 6 million barrels per day in the week ended Friday, down 403,000 barrels per day from the previous week. Over the past four weeks, US crude oil imports have averaged around 6.3 million barrels a day, over 7% lower than 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. Imports from Saudi Arabia fell the most, by 345,000 barrels per day to 178,000 barrels per day. Imports from Mexico declined by 207,000 barrels per day to 165,000 barrels per day. On the other hand, crude oil imports from Canada rose the most by 657,000 barrels per day to nearly 4 million barrels per day.

For the week ended Friday, crude oil exports by the US rose by 337,000 barrels per day to 3.86 million barrels per day. Strategic petroleum reserves fell by 200,000 barrels to 402.5 million barrels during the week.

Inventories of crude oil at Cushing in Oklahoma, a key delivery point for West Texas Intermediate crude, rose by 500,000 barrels to 21.9 million barrels in the week ended Friday. Cushing is the designated delivery point for NYMEX crude oil futures contracts. Market participants closely monitor stockpiles at Cushing, as it has a storage capacity of about 90 million barrels.

End

US$1 = INR 86.38

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

Reported by Ashutosh Pati

Edited by Nishant Maher

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