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Informist, Thursday, Feb. 13, 2025

 

MUMBAI – Crude oil inventories in the US, excluding those in the Strategic Petroleum Reserves, rose by 4.1 million barrels from the previous week to 427.9 million barrels in the week ended Friday, while analysts at Dow Jones expected the stocks to rise by 2.4 million barrels. US crude oil inventories were about 4?low the five-year average for this time of the year, the US Energy Information Administration said in its weekly report on Wednesday.

 

Petrol inventories fell by 3.0 million barrels from the previous week to 248.1 million barrels, against a rise of 800,000 barrels expected by analysts polled by Dow Jones. Petrol stocks were just 1?low the five-year average for this time of the year. Distillate fuel inventories rose by 100,000 barrels to 118.6 million barrels in the week ended Friday, while Dow Jones' analysts had expected a fall of 1.6 million barrels. Distillate fuel stocks were about 11?low the five-year average for this time of the year.

 

Refinery utilisation was lower at 85% compared with 91.7% the previous week, according to the report by the US Energy Information Administration. Crude oil production in the US, the largest producer of the commodity, fell by 16,000 barrels per day to 13.5 million barrels per day in the week ended Friday.

 

At 1547 IST, the most-active February contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was down 1.4% at $70.37 per barrel.

 

US crude oil imports averaged 6.3 million barrels per day in the week ended Friday, down 606,000 barrels per day from the previous week, the report showed. Over the last four weeks, crude oil imports have averaged about 6.6 million barrels per day, 7.6% higher from 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. Crude oil imports by the US from Canada fell by 145,000 barrels per day to almost 3.9 million barrels per day, and imports from Saudi Arabia fell by 108,000 barrels per day to 380,000 barrels per day. Imports from Libya fell the most by 324,000 barrels per day to nil and imports from Ecuador also fell to nil. Imports from Mexico rose the most by 333,000 barrels per day to 482,000 barrels per day and imports from Venezuela rose by 12,000 barrels per day to 226,000 barrels per day.

 

US crude oil exports fell by 422,000 barrels per day to 3.9 million barrels per day in the week ended Friday, the report showed. Strategic Petroleum Reserves rose 200,000 barrels to 395.3 million barrels during the week.

 

Inventories of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, rose by 900,000 barrels to 21.8 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	427.9	(-)1.0
Petrol	248.1	(-)1.2
Kerosene-type jet fuel	43.3	2.2
Distillate fuel oil	118.0	0.1
Propane/propylene	58.9	(-)4.2
Unfinished oils	80.5	3.2
Other oils	266.2	1.0

 

End

 

US$1 = INR 86.89

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

 

Reported by Taniva Singha Roy

Edited by Ashish Shirke

 

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