US crude oil stock slumps by 4.9 mln bbl in week to Fri, exports fall
This story was originally published at 12:36 IST on 18 July 2024
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MUMBAI – Crude oil stocks in the US, excluding strategic petroleum reserves, slipped by 4.9 mln barrels to 440.2 mln bbl in the week ended Friday, the Energy Information Administration said in its weekly report on Wednesday.
Crude oil inventories in the US are about 5% below the five-year average for this time of year, according to the report.
Petrol stocks rose by 3.3 mln bbl to 233.0 mln bbl, against expectations of a fall of 1.3 mln bbl in a poll by Dow Jones. Distillate stocks rose by 3.5 mln bbl to 128.1 mln bbl, against analysts' expectation of a fall of 400,000 bbl.
At 1108 IST, the August contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was up 0.6% at $83.38 per bbl due to a larger-than-expected drop in crude stocks. The decline in crude oil inventory, geopolitical tensions in West Asia, solid seasonal demand, and expectations of an interest rate cut by the US Federal Reserve have been catalysts for higher crude prices, Dow Jones quoted Bart Melek, head of commodity strategy at TD Securities, as saying in a research report.
Refinery utilisation in the US in the week ended Friday rose to 93.7% from 95.4% the previous week. Crude oil output in the US, the world's largest producer, was steady at 13.3 mln bbl per day.
During the week, US crude oil exports fell by 35,000 bpd to 3.96 mln bpd. Crude oil imports by the country rose by 277,000 bpd to 7.03 mln bpd. The four-week average crude oil imports in the week ended Friday were at 6.7 mln bpd, up 1.1% from the corresponding period last year, the agency said.
Crude oil imports by the US from Canada rose the most, by 807,000 bpd to 4.4 mln bpd during the week, and imports from Mexico fell by 231,000 bpd to 388,000 bpd.
Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, fell 900,000 bbl from the previous week to 32.7 mln bbl, the data showed. 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 mln bbl.
Strategic petroleum reserves in the US rose 700,000 bbl to 373.7 mln bbl during the week.
Inventory (mln bbl) | Weekly change (%) | |
|---|---|---|
| Crude oil | 440.2 | (-)1.1 |
| Petrol | 233.0 | 1.4 |
| Kerosene-type jet fuel | 46.8 | 5.2 |
| Distillate fuel oil | 128.1 | 2.8 |
| Propane/propylene | 82.6 | 5.9 |
| Unfinished oils | 83.7 | (-)2.3 |
| Other oils | 314.6 | 0.6 |
End
US$1 = 83.60 rupees
Reported by Taniva Singha Roy
Edited by Vidhi Verma
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