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Informist, Friday, May. 2, 2025

MUMBAI – Crude oil inventories in the US, excluding those in strategic petroleum reserves, fell by 2.7 million barrels to 440.4 million barrels in the week ended Friday, the US Energy Information Administration said in a weekly report. Analysts polled by Dow Jones had expected the stocks to fall by 2.7 million barrels. US crude oil inventories were about 6% below the five-year average for this time of the year, the report showed.

Petrol inventories fell by 4 million barrels from the previous week to 225.5 million barrels, similar to what analysts at Dow Jones had forcast. Petrol stocks were around 3% below the five-year average for this time of the year, the report said. Distillate fuel stocks rose by 900,000 barrels to 107.8 million barrels in the week ended Friday, while analysts polled by Dow Jones had expected a rise of 937,000 barrels. Distillate fuel stocks were about 13% below the five-year average for this time of the year.

Refinery utilisation rose to 88.6% from 88.1% the previous week, according to the report. Crude oil production in the US, the largest producer of the commodity, rose slightly to 13,465 million barrels per day from 13.46 million barrels per day in the week ended Friday.

At 1211 IST, the most active June contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was up 0.7% at $59.67 per barrel.

US crude oil imports averaged 5.5 million barrels per day in the week ended Friday, down 90,000 barrels per day from the previous week, as per the report. Over the past four weeks, crude oil imports have averaged about 5.8 million barrels per day, 11% 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 Saudi Arabia fell the most, by 146,000 barrels per day to 152,000 barrels per day. Imports from Ecuador fell by 107,000 barrels per day to 82,000 barrels per day.

On the other hand, crude oil imports from Canada rose the most by 428,000 barrels per day to 3.7 million barrels per day, imports from Nigeria rose by 120,000 barrels per day to 276,000 barrels per day and from Brazil rose by 72,000 barrels per day to 99,000 barrels, the report showed.

For the week ended Friday, crude oil exports from the US rose by 572,000 barrels per day to 4.1 million barrels per day, the report showed. Strategic petroleum reserves rose by 1.1 million barrels to 398.5 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 25.7 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.

End

US$1 = INR 83.98

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

Reported by Taniva Singha Roy

Edited by Deepshikha Bhardwaj

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