EIA says US crude oil stocks down 3.8 million bbl in week ended Fri, exports down
This story was originally published at 17:57 IST on 2 July 2026
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MUMBAI – US crude oil inventories, excluding those in the strategic petroleum reserves, fell 3.8 million barrels to 408.4 million barrels in the week ended Friday, the US Energy Information Administration said in its weekly report. Analysts polled by Dow Jones had estimated a fall of 3.1 million barrels. US crude oil inventories were about 7?low the five-year average for this time of the year, according to the agency's report.
Petrol inventories fell 2.3 million barrels from the previous week to 214 million barrels in the week ended Friday. Analysts polled by Dow Jones had estimated petrol inventories to fall 700,000 barrels. Distillate fuel stocks rose 2.5 million barrels to 108.6 million barrels. Analysts had expected a fall of 100,000 barrels in distillate stocks. Distillate fuel stocks were around 8?low the five-year average for this time of the year.
According to the report, refinery utilisation rose slightly to 96.6% from 96.1% the previous week. Crude oil production in the US, the largest producer of the commodity, fell 9,000 barrels per day to 13.81 million barrels per day in the week ended Friday.
US crude oil exports fell 661,000 barrels per day to 4 million barrels per day, according to the report. The country's strategic petroleum reserves fell 5.5 million barrels to 325.7 million barrels during the week.
US crude oil imports averaged 5.3 million barrels per day during the week, down 291,000 barrels per day from the previous week. Over the past four weeks, US crude oil imports have averaged around 5.5 million barrels per day, around 11% lower than in the corresponding period last year.
Of the top 10 countries that export crude oil to the US, imports from six fell in the week ended Friday. Imports from Mexico fell the most, by 174,000 barrels per day to 172,000 barrels per day. On the other hand, imports from Brazil rose the most, by 178,000 barrels per day to 248,000 barrels per day, according to the report.
Inventories of crude oil at Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, rose 700,000 barrels to 19.7 million barrels in the week ended Friday. Cushing is the designated delivery point for NYMEX crude oil futures. Market participants closely monitor stockpiles in Cushing, which has a storage capacity of about 90 million barrels.
At 1629 IST, the most-active August contract of crude oil on NYMEX was down 1.3% at $67.69 per barrel.
|
Inventory (mln barrels) |
Weekly change (%) |
|
|
Crude oil |
408.4 | (-)0.9 |
|
Petrol |
214.0 | (-)1.1 |
|
Kerosene-type jet fuel |
48.0 | 3.7 |
|
Distillate fuel oil |
108.6 | 2.3 |
|
Propane/propylene |
91.3 | 1.4 |
|
Unfinished oils |
74.0 | (-)1.1 |
|
Other oils |
286.1 | 0.2 |
End
US$1 = INR 95.39
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Shubhayan Bhattacharya
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