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Informist, Thursday, Jun. 12, 2025

MUMBAI –  US crude oil inventories, excluding those in strategic petroleum reserves, fell by 3.6 million barrels to 432.4 million barrels in the week ended Friday, the US Energy Information Administration said in its weekly report. Analysts polled by Dow Jones had expected the stocks to fall by 1.6 million barrels. The US crude oil inventories were about 8% below the five-year average for this time of the year, the report showed.

Petrol inventories rose by 1.5 million barrels from the previous week to 229.8 million barrels, while analysts at Dow Jones had forecast an increase of 900,000 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 1.2 million barrels to 108.9 million barrels in the week ended Friday, higher than an increase of 900,000 barrels expected by analysts polled by Dow Jones. The distillate fuel stocks were about 17% below the five-year average for this time of the year.

According to the report, refinery utilisation rose to 94.3% from 93.4% the previous week. Crude oil production in the US, the largest producer of the commodity, rose 2,000 barrels to 13.43 million barrels per day in the week ended Friday.

At 1652 IST, the most-active July contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was down 1.7% at $66.98 per barrel.

US crude oil imports averaged 6.2 million barrels per day in the week ended Friday, down 170,000 barrels per day from the previous week, as per the report. Over the past four weeks, crude oil imports have averaged 6.2 million barrels a day, over 13% 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 from Saudi Arabia fell by 578,000 barrels per day to nil. Imports from Colombia fell by 135,000 barrels per day to 79,000 barrels per day and imports from Iraq fell by 130,000 barrels per day to 84,000 barrels per day.

On the other hand, crude oil imports from Canada rose the most, by 316,000 barrels per day to 3.8 million barrels per day, and imports from Ecuador rose by 180,000 barrels per day to 184,000 barrels per day, the report showed.

For the week ended Friday, crude oil exports by the US fell by 621,000 barrels per day to 3.29 million barrels per day, the report showed. Strategic petroleum reserves rose by 200,000 barrels to 402.1 million barrels during the week.

Inventories of crude oil at Cushing in Oklahoma, a key delivery point for West Texas Intermediate crude, fell by 400,000 barrels to 23.7 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 at Cushing, as it has a storage capacity of about 90 million barrels.

End

US$1 = INR 85.60

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

Reported by Ashutosh Pati

Edited by Tanima Banerjee

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