US crude falls sharply on unexpected stock builds

25 June 2008 16:03  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets fell by about $2.90/bbl on Wednesday when this week’s US stock figures from the Energy Information Administration (EIA) showed an unexpected build in crude stocks.

 

August NYMEX light sweet crude futures fell from around $135.70 before the figures were published to hit a low of $132.80/bbl, a loss of $4.20/bbl from Tuesday’s close.

 

However, it then regained a little ground and at 14:50 GMT, August NYMEX crude was trading around $133.00/bbl, down $4.00/bbl from Tuesday’s close of $137.00.

 

On London ICE Futures, August Brent also lost ground, falling from around $135.45 before the figures were published to hit a low of $132.78/bbl. At 14:50 GMT, August Brent was trading around $133.10/bbl, down $3.36/bbl from Tuesday’s close of $136.46.

 

Analysts’ predictions for this week’s US stock figures were that they would show draws on crude stocks of about 1.4m bbl and on gasoline of around 200,000 bbl but a build on distillate of around 1.9m bbl.

 

 

US Stocks (million bbl)	w/e 20.06.08
	EIA	Change	API	Change
Crude	301.8	+0.8	305.8	+1.6
Gasoline	208.8	-0.1	210.1	+1.0
RFG	2.3	+0.1	2.2	n/c
Distillate	119.4	+2.8	118.7	+3.2
Heating Oil	26.5	+1.4	26.2	1.4
Kerosene	40.5	+0.9	41.3	1.3

 

By: Tony Dillon
+44 20 8652 3214

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

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