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Informist, Thursday, May 22, 2025

MUMBAI – Crude oil inventories in the US, excluding those in strategic petroleum reserves, rose by 1.3 million barrels to 443.2 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 800,000 barrels. US crude oil inventories were about 6% below the five-year average for this time of the year, the report showed.

Petrol inventories rose by 800,000 barrels from the previous week to 225.5 million barrels. Analysts at Dow Jones had forecast a decline of 1.1 million barrels. Petrol stocks were around 2% below the five-year average for this time of the year, the report said. Distillate fuel stocks rose by 600,000 barrels to 104.1 million barrels in the week ended Friday. Analysts polled by Dow Jones had expected a fall of 1.3 million barrels. Distillate fuel stocks were about 16% below the five-year average for this time of the year.

According to the report, refinery utilisation rose to 90.7% from 90.2% the previous week. Crude oil production in the US, the largest producer of the commodity, rose 5,000 barrels to 13.39 million barrels per day from 13.38 million barrels in the week ended Friday.

At 1124 IST, the most active July contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was up 0.2% at $61.69 per barrel.

US crude oil imports averaged 6.1 million barrels per day in the week ended Friday, up 247,000 barrels per day from the previous week, as per the report. Over the past four weeks, crude oil imports have averaged about 5.9 million barrels a day, 13.5% lower than the corresponding period last year.

Of the top 10 countries that export crude oil to the US, imports from seven countries fell during the week. Imports of crude oil from Canada fell the most, by 200,000 barrels per day to 3.54 million barrels. Imports from Nigeria fell by 184,000 barrels per day to merely 6,000 barrels per day and imports from Venezuela fell by 103,000 barrels to 35,000 barrels.

On the other hand, crude oil imports from Colombia rose the most by 337,000 barrels per day to 439,000 barrels per day, imports from Mexico rose by 114,000 barrels per day to 342,000 barrels per day, and those from Saudi Arabia rose by 31,000 barrels per day to 296,000 barrels, the report showed.

For the week ended Friday, crude oil exports by the US rose by 138,000 barrels per day to 3.50 million barrels per day, the report showed. Strategic petroleum reserves rose by 800,000 barrels to 400.5 million barrels during the week.

Inventories of crude oil in Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, fell by 500,000 barrels to 23.4 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 85.77

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

Reported by Taniva Singha Roy

Edited by Subhojit Sarkar

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