US crude returns above $125/bbl on stocks data

14 May 2008 15:54  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets rose by about $1/bbl on Wednesday, recouping earlier losses, when this week’s US Stock figures from the Energy Information Administration (EIA) showed an unexpected gasoline draw and a smaller than anticipated crude build.

June NYMEX light sweet crude futures rose from around $124.55 before the figures were published to hit $125.55/bbl, a loss of 25 cents from Tuesday’s close.

However, it then lost a little ground and at 14:40 GMT, June NYMEX crude was trading around $124.90, down 90 cents from Tuesday’s close of $125.80.

On ICE Futures, June Brent also regained ground, rising from around $122.20 before the figures were published to around $123.20. At 14:40 GMT, June Brent was trading around $122.60, down $1.50 from Tuesday’s close of $124.10.

Analysts’ predictions for this week’s US stock figures were that they would show builds on crude stocks of about 1.8m bbl and on distillate of around 800,000 bbl, whereas gasoline was expected to show little change.

US stocks (million bbl)	w/e 02.05.08
	EIA	Change	API	Change
Crude	325.8	+0.2	321.0	+0.7
Gasoline	210.2	-1.7	210.4	-1.5
RFG	2.0	+0.4	2.1	+0.2
Distillate	107.1	+1.4	107.4	-2.4
Heating oil	22.1	+0.4	22.4	-0.9
Kerosene	40.4	+1.6	40.4	+1.1

Sources: EIA; American Petroleum Institute
To discuss issues facing the chemical industry go to ICIS connect

By: Tony Dillon
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly