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Informist, Friday, Apr. 11, 2025

 

MUMBAI – Crude oil inventories in the US, excluding those in strategic petroleum reserves, rose by 2.6 million barrels from the previous week to 442.3 million barrels in the week ended Apr. 4, the US Energy Information Administration said in its weekly report. Analysts polled by Dow Jones had expected the stocks to rise by 2.1 million barrels. US crude oil inventories were nearly 5?low the five-year average for this time of the year, the report said.

 

Petrol inventories fell by 1.6 million barrels from the previous week to 236.0 million barrels, against a fall of 900,000 barrels predicted by analysts polled by Dow Jones. Petrol stocks were the same as the five-year average for this time of the year, the report said. Distillate fuel stocks fell by 3.5 million barrels to 111.1 million barrels in the week ended Apr. 4 while analysts polled by Dow Jones had expected a rise of 200,000 barrels. Distillate fuel stocks were about 9?low the five-year average for this time of the year.

 

Refinery utilisation rose marginally to 86.7% from 86% the previous week, according to the report. Crude oil production in the US, the largest producer of the commodity, fell by 122,000 barrels per day to 13.46 million barrels per day in the week ended Apr. 4.

 

At 1210 IST, the most-active May contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was up 1.1% at $60.75 per barrel.

 

US crude oil imports averaged 6.2 million barrels per day in the week ended Apr. 4, down 277,000 barrels per day from the previous week, as per the report. Over the past four weeks, crude oil imports have averaged about 6.1 million barrels per day, 6.9% lower than the corresponding period last year.

 

Of the top 10 countries that export crude oil to the US, imports from six countries fell during the week. Imports of crude oil from Canada fell the most, by 481,000 barrels per day to 3.9 million barrels per day. Imports from Brazil fell by 243,000 barrels per day to nil, and imports from Colombia fell by 203,000 barrels per day to 21,000 barrels per day.

 

Crude oil imports from Mexico rose by 195,000 barrels per day to 598,000 barrels per day, and imports from Venezuela rose by 80,000 barrels per day to 285,000 barrels per day, the report showed.

 

For the week ended Apr. 4, crude oil exports from the US fell by 637,000 barrels per day to 3.24 million barrels per day, the report showed. Strategic petroleum reserves rose by 300,000 barrels to 396.7 million barrels during the week.

 

Inventories of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, rose by 700,000 barrels to 25.8 million barrels in the week ended Apr. 4, 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	442.3	0.6
Petrol	236.0	(-)0.7
Kerosene-type jet fuel	40.9	(-)4.5
Distillate fuel oil	111.1	(-)3.1
Propane/propylene	45.7	3.4
Unfinished oils	86.6	(-)1.6
Other oils	282.7	1.0

 

End

 

US$1 = INR 86.06

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

 

Reported by Ashutosh Pati

Edited by Subhojit Sarkar

 

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