Crude falls nearly $2/bbl on US stock figures

30 April 2008 15:59  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets fell by about $1.85/bbl on Wednesday when this week’s US stock figures from the Energy Information Administration (EIA) showed a larger than anticipated build on crude and an unexpected build on distillate.

 

Initially at least, a larger than expected gasoline draw seemed to have little effect.

 

Wiping out gains posted earlier on the back of some supportive US economic data, June NYMEX light sweet crude futures fell from around $116.10 before the figures were published to hit a low of $114.26/bbl, a loss of $1.37 from Tuesday’s close.

 

However, it then regained a little ground and at 14:45 GMT, June NYMEX crude was trading around $114.85, down 78 cents from Tuesday’s close of $115.63.

 

On London’s ICE Futures, June Brent also lost ground, falling from around $114.00 before the figures were published to hit a low of $112.33. At 14:45 GMT, June Brent was trading around $112.90, down 53 cents from Tuesday’s close of $113.43.

 

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 300,000 bbl, but draws on distillate of around 100,000 bbl and on gasoline of around 700,000 bbl.

 

 

U.S Stocks (million bbl)	w/e 25.04.08
	EIA	Change	API	Change
Crude	319.9	+3.8	319.8	+1.0
Gasoline	211.1	-1.5	210.5	-3.0
RFG	2.0	-0.1	2.4	-0.5
Distillate	105.8	+1.1	119.7	+2.0
Heating Oil	21.6	-0.5	23.7	-0.2
Kerosene	38.7	+0.4	39.6	+1.1

 

By: Tony Dillon
+44 20 8652 3214

< previous article(ICIS Podcast: Chemical News Central 2 November 2009)

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