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Informist, Thursday, Jul. 3, 2025

 

MUMBAI – US crude oil inventories, excluding those in strategic petroleum reserves, rose by 3.8 million barrels to 419 million barrels in the week ended Friday, the US Energy Information Administration said in its weekly report. Analysts polled by Dow Jones had expected stocks to dip by 1.7 million barrels. The US crude oil inventories were about 9% below the five-year average for this time of the year, the report showed.

 

Petrol inventories rose by 4.2 million barrels from the previous week to 232.1 million barrels, while analysts polled by Dow Jones had forecast a decrease of 500,000 barrels. Petrol stocks were around 1% below the five-year average for this time of the year, the report said. Distillate fuel stocks declined by 1.7 million barrels to 103.6 million barrels in the week ended Friday, while analysts polled by Dow Jones had expected a fall of 1.5 million barrels. The distillate fuel stocks were about 21% below the five-year average for this time of the year.

 

According to the report, refinery utilisation slightly rose to 94.9% from 94.7% the previous week. Crude oil production in the US, the largest producer of the commodity, fell 2,000 barrels to 13.43 million barrels per day in the week ended Friday.

 

At 1051 IST, the most-active August contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was down 0.8% at $66.94 per barrel.

 

US crude oil imports averaged 6.9 million barrels per day in the week ended Friday, up 976,000 barrels per day from the previous week, as per the report. Over the past four weeks, crude oil imports have averaged around 6.1 million barrels a day, 14% lower than the corresponding period last year.

 

Of the top 10 countries that export crude oil to the US, imports from five countries fell during the week. Imports from Libya fell the most, by 160,000 barrels per day to 80,000 barrels per day. Imports from Colombia fell by 150,000 barrels per day to 175,000 barrels per day, and imports from Brazil fell by 108,000 barrels per day to 191,000 barrels per day.

 

On other hand, crude oil imports from Canada rose the most by 1.1 million barrels per day to 4.23 million barrels per day, and imports from Ecuador rose by 121,000 barrels per day to 126,000 barrels per day, the report showed.

 

For the week ended Friday, crude oil exports by the US fell by 1.97 million barrels per day to 2.31 million barrels per day, the report showed. Strategic petroleum reserves rose by 200,000 barrels to 402.8 million barrels during the week.

 

Inventories of crude oil at Cushing in Oklahoma, a key delivery point for West Texas Intermediate crude, fell by 1.5 million barrels to 20.7 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.

 

	Inventory (million barrels)	Weekly change (%)
Crude oil	419.0	0.9
Petrol	232.1	1.8
Kerosene-type jet fuel	45.2	1.4
Distillate fuel oil	103.6	(-)1.6
Propane/propylene	75.7	4.2
Unfinished oils	81.4	(-)0.6
Other oils	318.2	0.0

 

End

 

US$1 = INR 85.56

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

 

Reported by Taniva Singha Roy

Edited by Tanima Banerjee

 

 

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