NYMEX crude hits $72.95/bbl high on US stocks

11 July 2007 16:02  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets had a mixed reaction on Wednesday when this week’s US Stock figures showed an unexpected draw in crude but a slightly larger than anticipated build in gasoline.

 

August NYMEX crude rose from around $72.20 before the figures were published to hit a high of $72.95/bbl, a gain of 14 cents from Tuesday’s close.

 

However, it then lost a little ground and at 14:45GMT, August NYMEX crude was trading around $72.60, down 21 cents from Tuesday’s close of $72.81.

 

On ICE Futures, August Brent also gained ground, rising from around $75.80 before the figures were published to around $76.25. At 14:45 GMT, August Brent was trading around $76.00, down 40 cents from Tuesday’s close of $76.40.

 

Analysts’ predictions for this week’s US Stock figures were that they would show builds on crude stocks of about 100,000 bbl, on distillate of around 800,000 bbl and on gasoline of around 900,000 bbl.

 

 

U.S Stocks (million bbl)	w/e 6.7.07
	DOE	Change	API	Change
Crude	352.6	-1.4	345.4	-6.8
Gasoline	205.6	+1.2	204.0	+2.9
RFG	2.4	+0.3	2.7	n/c
Distillate	122.4	+0.8	124.7	+1.5
Heating Oil	32.3	+1.1	32.9	+0.6
Kerosene	41.2	+0.6	40.9	+0.7

 

By: Tony Dillon
+44 20 8652 3214

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