NYMEX crude falls more than $1/bbl on US stocks

07 May 2008 16:00  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets fell by about $1.50/bbl on Wednesday when this week’s US stock figures from the Energy Information Administration (EIA) showed a much larger than anticipated increase in oil stocks and an unexpected build on gasoline.

 

June NYMEX light sweet crude futures fell from around $122.05/bbl before the figures were published to hit a low of $120.54/bbl, a loss of $1.30 from Tuesday’s close.

 

However, it then regained a little ground and at 14:45 GMT, June NYMEX crude was trading around $121.10/bbl, down $0.74 from Tuesday’s close of $121.84/bbl.

 

On London’s ICE Futures, June Brent also lost ground, falling from around $120.65/bbl before the figures were published to hit a low of $119.34/bbl. At 14:45 GMT, June Brent was trading around $120.05/bbl, down $0.26 from Tuesday’s close of $120.31/bbl.

 

Analysts’ predictions for this week’s US stock figures were that they would show builds on crude stocks of about 1.6m bbl, on distillate of around 800,000 bbl and a draw on gasoline of around 100,000 bbl.

 

 

U.S Stocks (million bbl)	w/e 02.05.08
	EIA	Change	API	Change
Crude	325.6	+5.7	320.4	+0.6
Gasoline	211.9	+0.8	211.9	+1.4
RFG	1.6	-0.4	1.9	n/c
Distillate	105.7	-0.1	109.7	-1.3
Heating Oil	21.7	+0.1	23.3	-0.4
Kerosene	38.8	+0.1	39.3	+0.3

By: Giovanni Coiro
+44 20 8652 3214

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