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Informist, Friday, Feb. 21, 2025

 

MUMBAI – Crude oil inventories in the US, excluding those in the Strategic Petroleum Reserves, rose by 4.6 million barrels from the previous week to 432.5 million barrels in the week ended Feb. 14. Analysts at Dow Jones had expected the stocks to rise by 2.4 million barrels. US crude oil inventories were about 3?low the five-year average for this time of the year, the US Energy Information Administration said in its weekly report Thursday.

 

Petrol inventories fell by 200,000 barrels from the previous week to 247.9 million barrels. Analysts at Dow Jones had expected petrol stocks to remain unchanged. Petrol stocks were 1?low the five-year average for this time of the year.

 

Distillate fuel inventories fell by 2.1 million barrels to 116.6 million barrels in the week ended Feb. 14. Dow Jones analysts had expected a fall of 1.7 million barrels. Distillate fuel stocks were about 12?low the five-year average for this time of the year.

 

Refinery utilisation fell marginally to 84.9% from 85% the previous week, according to the report. Crude oil production in the US, the world's largest producer of the commodity, rose by 3,000 barrels per day to around 13.5 million barrels per day in the week ended Feb. 14.

 

At 1334 IST, the most-active April contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was down 0.4% at $72.19 per barrel.

 

US crude oil imports averaged 5.8 million barrels per day in the week ended Feb. 14, down 488,000 barrels per day from the previous week, the report showed. Over the last four weeks, crude oil imports have averaged about 6.4 million barrels per day, 0.6% lower than in the corresponding period last year.

 

Of the top 10 countries that export crude oil to the US, imports from five countries fell during the week. Crude oil imports by the US from Canada fell the most, by 264,000 barrels per day to 3.7 million barrels per day, and imports from Saudi Arabia fell by 103,000 barrels per day to 277,000 barrels per day. Imports from Colombia fell by 150,000 barrels per day to nil. Imports from Iraq rose the most, by 212,000 barrels per day to 257,000 barrels per day. Imports from Mexico rose by 72,000 barrels per day to 553,000 barrels per day.

 

US crude oil exports increased by 472,000 barrels per day to 4.4 million barrels per day in the week ended Feb. 14, the report showed. The country's Strategic Petroleum Reserves were unchanged from the previous week at 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 1.5 million barrels to 23.3 million barrels in the week ended Feb. 14, 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	432.5	1.1
Petrol	247.9	(-)0.1
Kerosene-type jet fuel	43.9	1.6
Distillate fuel oil	116.6	(-)1.7
Propane/propylene	55.3	(-)6.1
Unfinished oils	82.1	2.0
Other oils	266.4	0.1

 

End

 

US$1 = INR 86.74

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

 

Reported by Ashutosh Pati

Edited by Rajeev Pai

 

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