More Stories

Informist, Thursday, Feb. 27, 2025

 

MUMBAI – Crude oil inventories in the US, excluding those in the Strategic Petroleum Reserves, fell by 2.3 million barrels from the previous week to 430.2 million barrels in the week ended Friday, while analysts at Dow Jones expected the stocks to rise by 1.7 million barrels. US crude oil stocks 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 400,000 barrels from the previous week to 248.3 million barrels, against a fall of 600,000 barrels predicted by analysts polled by Dow Jones. Petrol stocks were slightly below the five-year average for this time of the year, the report said. Distillate fuel stocks rose by 3.9 million barrels to 120.5 million barrels in the week ended Friday, while Dow Jones' analysts had expected a fall of 2.0 million barrels. Distillate fuel stocks were about 8?low the five-year average for this time of the year.

 

Refinery utilisation rose to 86.5% compared with 84.9% the previous week, according to the report. Crude oil production in the US, the largest producer of the commodity, rose by 5,000 barrels per day to 13.5 million barrels per day in the week ended Friday.

 

At 1123 IST, the most active February contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was up 0.2% at $68.78 per barrel.

 

US crude oil imports averaged 5.9 million barrels per day in the week ended Friday, up 98,000 barrels per day from the previous week, the report showed. Over the last four weeks, crude oil imports have averaged about 6.2 million barrels per day, 5.5% lower than the corresponding period last year.

 

Of the top 10 countries that export crude oil to the US, imports from four countries fell during the week, while imports from Libya remained nil. Imports of crude oil from Mexico to the US fell by 108,000 barrels per day to 445,000 barrels per day. Crude oil imports from Nigeria fell by 62,000 barrels per day to 77,000 barrels per day, while imports from Iraq fell by 30,000 barrels per day to 228,000 barrels per day. Imports from Saudi Arabia fell by 25,000 barrels per day to 252,000 barrels per day, the report showed.

 

Meanwhile, imports of crude oil from Canada rose by 165,000 barrels per day to 3.8 million barrels per day, while imports from Ecuador rose by 152,000 barrels to 195,000 barrels per day. Crude oil imports from Columbia rose to 150,000 barrels from no imports last week, the report showed. Imports from Venezuela rose by 77,000 barrels per day to 276,000 barrels per day, while imports from Brazil rose by 16,000 barrels per day to 171,000 barrels per day.

 

US crude oil exports fell by 193,000 barrels per day to 4.2 million barrels per day in the week ended Friday, the report showed. Strategic Petroleum Reserves remain unchanged 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 1.3 barrels to 24.6 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	430.2	(-)0.5
Petrol	248.3	0.1
Kerosene-type jet fuel	44.6	1.5
Distillate fuel oil	120.5	3.4
Propane/propylene	51.5	(-)6.7
Unfinished oils	82.1	0.0
Other oils	263.0	(-)1.2

 

End

 

US$1 = INR 87.20

 

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

 

Reported by Shreya Shetty

Edited by Deepshikha Bhardwaj

 

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.