Crude up around 75 cents on larger stocks draw

19 December 2007 16:14  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets rose by about 75 cents on Wednesday when this week’s US Stock figures from the Energy Information Administration (EIA) showed a much larger than expected draw on crude stocks.

 

However, the markets subsequently gave back most of these gains due to the figures showing a small build at Cushing and a larger than expected build in gasoline stocks.

 

February NYMEX light sweet crude futures rose from around $90.70/bbl before the figures were published to hit a high of $91.48/bbl, a gain of $1.40/bbl from Tuesday’s close.

 

However, it then lost ground and at 15:50 GMT, February NYMEX crude was trading around $90.80/bbl, up $0.72/bbl from Tuesday’s close of $90.08/bbl.

 

On ICE Futures, February Brent also gained ground, rising from around $91.00/bbl before the figures were published to hit a high of $91.74/bbl. At 15:50 GMT, February Brent was trading around $91.15/bbl, up $1.03/bbl from Tuesday’s close of $90.12/bbl.

 

Analysts’ predictions for this week’s US Stock figures were that they would show draws on crude stocks of about 1.6m, on distillate of around 0.5m and a build on gasoline of around 1m bbl.

 

 

U.S Stocks

(million bbl)

w/e 14.12.07

 

 

 

 

EIA

Change

API

Change

Crude

296.9

-7.6

297.5

-8.5

Gasoline

205.2

+3.0

208.4

+2.9

RFG

0.9

-1.0

1.0

-0.1

Distillate

129.4

-2.1

131.7

-1.9

Heating Oil

40.5

-2.1

43.6

+0.2

Kerosene

39.3

-0.6

39.0

-0.8

 


By: Giovanni Coiro
+44 20 8652 3214



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