NYMEX crude rises $1/bbl on US stock figures

18 June 2008 16:01  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets initially rose by about $1/bbl on Wednesday when this week’s US stock figures from the Energy Information Administration (EIA) showed an unexpected draw on gasoline but this proved very shortlived.

 

July NYMEX light sweet crude futures rose from around $134.05/bbl before the figures were published to around $135.05/bbl, a gain of $1.04/bbl from Tuesday’s close, but short of the high posted earlier in the day of $135.28/bbl.

 

However, it then lost ground, plunging to a low of $132.75/bbl and at 14:50 GMT, July NYMEX crude was trading around $133.20/bbl, down 81 cents/bbl from Tuesday’s close of $134.01/bbl.

 

On London’s ICE Futures, August Brent also initially gained ground, rising from around $134/bbl before the figures were published to around $134.85/bbl, but then also tumbling to a new low. At 14:50 GMT, August Brent was trading around $133.00/bbl, down 72 cents from Tuesday’s close of $133.72/bbl, having hit a low of $132.65/bbl.

 

Analysts’ predictions for this week’s US stock figures were that they would show a draw on crude stocks of about 1.5m bbl but builds on distillate of around 1.8m bbl and on gasoline of around 800,000 bbl.

 

US Stocks (million bbl)	w/e 13.06.08
	EIA	Change	API	Change
Crude	301.0	-1.2	304.1	-3.1
Gasoline	208.9	-1.2	209.0	-2.4
RFG	2.2	-0.3	2.2	-0.2
Distillate	116.6	+2.6	115.5	+1.4
Heating Oil	25.1	+1.4	24.8	+1.8
Kerosene	39.6	-0.3	40.0	-0.6

 

By: Tony Dillon
+44 20 8652 3214

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