Stock Taking
US crude oil stocks fall by 3.7 mln bbl in week to Friday, exports rise
This story was originally published at 16:26 IST on 25 July 2024
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MUMBAI – Crude oil stocks in the US, excluding strategic petroleum reserves, slipped by 3.7 mln barrels to 436.5 mln bbl in the week ended Friday, the Energy Information Administration said in its weekly report on Wednesday. Analysts at Dow Jones expected crude oil inventories to fall by 1.2 mln bbl. Crude oil inventories in the US are about 5?low the five-year average for this time of year, according to the report.
Petrol stocks fell by 5.6 mln bbl to 227.4 mln bbl, against expectations of a fall of 700,000 bbl in a poll by Dow Jones. Distillate stocks fell by 2.8 mln bbl to 125.3 mln bbl, against analysts' expectations of a rise of 1.1 mln bbl.
At 1441 IST, the August contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was down 1.1% at $76.75 per bbl due to demand concerns from China. Advancing ceasefire talks between Israel and Hamas also weighed on oil prices.
Refinery utilisation in the US in the week ended Friday fell to 91.6% from 93.7% 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 rose by 222,000 bpd to 4.18 mln bpd. Crude oil imports by the country fell by 166,000 bpd to 6.9 mln bpd. The four-week average crude oil imports in the week ended Friday were at 6.8 mln bpd, up 2.9% from the corresponding period last year, the agency said.
Crude oil imports by the US from Saudi Arabia fell the most by 173,000 bpd to 221,000 bpd during the week, and imports from Colombia rose by 236,000 bpd to 314,000 bpd.
Inventory of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, fell 1.7 mln bbl from the previous week to 31.0 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 374.4 mln bbl during the week.
|
Inventory (mln bbl) |
Weekly change (%) |
|
|---|---|---|
| Crude oil | 436.5 |
(-)0.9 |
| Petrol | 227.4 | (-)2.4 |
| Kerosene-type jet fuel | 46.9 | 0.2 |
| Distillate fuel oil | 125.3 | (-)2.2 |
| Propane/propylene | 84.5 | 2.2 |
| Unfinished oils | 83.5 | (-)0.2 |
| Other oils | 320.9 | 2.0 |
End
US$1 = 83.70 rupees
Reported by Taniva Singha Roy
Edited by Aditya Sakorkar
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