Informist, Thursday, Jul. 10, 2025

MUMBAI - US crude oil inventories, excluding those in strategic petroleum reserves, rose by 7.1 million barrels to 426.0 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 1.5 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 fell by 2.7 million barrels from the previous week to 229.5 million barrels, while analysts polled by Dow Jones had forecast a fall of 1.3 million 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 800,000 barrels to 102.8 million barrels in the week ended Friday, while analysts polled by Dow Jones had expected a fall of 400,000 barrels. The distillate fuel stocks were about 23% below the five-year average for this time of the year.

According to the report, refinery utilisation fell slightly to 94.7% from 94.9% the previous week. Crude oil production in the US, the largest producer of the commodity, fell 48,000 barrels to 13.38 million barrels per day in the week ended Friday.

At 0823 IST, the most-active August contract of West Texas Intermediate crude oil on the New York Mercantile Exchange was steady at $68.33 per barrel.

US crude oil imports averaged 6.0 million barrels per day in the week ended Friday, down 906,000 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, nearly 10% 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 from Canada fell the most, by 463,000 barrels per day to 3.8 million barrels per day. Imports from Nigeria fell by 381,000 barrels per day to 38,000 barrels per day, and imports from Saudi Arabia fell by 203,000 barrels per day to 148,000 barrels per day.

On other hand, crude oil imports from Ecuador rose the most by 315,000 barrels per day to 441,000 barrels per day, and imports from Mexico rose by 72,000 barrels per day to 414,000 barrels per day, the report showed.

For the week ended Friday, crude oil exports by the US rose by 452,000 barrels per day to 2.8 million barrels per day, the report showed. Strategic petroleum reserves rose by 200,000 barrels to 403.0 million barrels during the week.

Inventories of crude oil at Cushing in Oklahoma, a key delivery point for West Texas Intermediate crude, rose by 500,000 barrels to 21.2 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 85.61

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

Reported by Ashutosh Pati

Edited by Ashish Shirke

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