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Informist, Thursday, May 8, 2025

MUMBAI – Crude oil inventories in the US, excluding those in strategic petroleum reserves, fell by 2 million barrels to 438.4 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 1.3 million barrels. US crude oil inventories were about 7% below the five-year average for this time of the year, the report showed.

Petrol inventories rose by 200,000 barrels from the previous week to 225.7 million barrels. On the contrary, analysts at Dow Jones had forecast a decline of 1.5 million barrels. Petrol stocks were around 3% below the five-year average for this time of the year, the report said. Distillate fuel stocks fell by 1.1 million barrels to 106.7 million barrels in the week ended Friday, while analysts polled by Dow Jones had expected a fall of 400,000 barrels. Distillate fuel stocks were about 13% below the five-year average for this time of the year.

Refinery utilisation rose to 89% from 88.6% the previous week, according to the report. Crude oil production in the US, the largest producer of the commodity, fell by 98,000 barrels to 13.36 million barrels per day from 13.46 million barrels per day in the week ended Friday.

At 1054 IST, the most active June contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was up 0.7% at $58.46 per barrel.

US crude oil imports averaged 6 million barrels per day in the week ended Friday, up 557,000 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, 13.3% lower than the corresponding period last year.

Of the top 10 countries that export crude oil to the US, imports from three countries fell during the week. Imports of crude oil from Nigeria fell the most, by 193,000 barrels per day to 83,000 barrels per day. Imports from Libya fell by 26,000 barrels per day to 29,000 barrels per day and imports from Brazil fell by 14,000 barrels to 86,000 barrels per day.

On the other hand, crude oil imports from Canada rose the most by 148,000 barrels per day to 3.83 million barrels per day, imports from Colombia rose by 47,000 barrels per day to 164,000 barrels per day and from Ecuador rose by 74,000 barrels per day to 156,000 barrels, the report showed.

For the week ended Friday, crude oil exports from the US fell by 115,000 barrels per day to 4.0 million barrels per day, the report showed. Strategic petroleum reserves rose by 600,000 barrels to 399.1 million barrels during the week.

Inventories of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, fell by 700,000 barrels to 25.0 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 84.77

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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