Crude markets up $1.80/bbl on US stock figures

13 August 2008 16:08  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets rose by about $1.80/bbl on Wednesday when this week’s US stock figures from the Energy Information Administration (EIA) showed an unexpected draw on distillates and a larger than anticipated draw on gasoline.

 

September NYMEX light sweet crude futures rose from around $113.90/bbl before the figures were published to hit a high of $115.69/bbl, a gain of $2.68/bbl from Tuesday’s close.

 

However, it then lost a little ground and at 14:45 GMT September NYMEX crude was trading around $115.35/bbl, up $2.34/bbl from Tuesday’s close of $113.01/bbl.

 

On ICE Futures, September Brent also gained ground, rising from around $112/bbl before the figures were published to hit a high of $113.51/bbl. At 14:45 GMT, September Brent was trading around $113.10/bbl, up $1.95/bbl from Tuesday’s close of $111.15/bbl.

 

Analysts’ predictions for this week’s figures were that they would show draws on crude stocks of about 200,000 bbl and on gasoline of around 2.1m bbl, but a build on distillate of around 1.9m bbl.

 

 

U.S Stocks (million bbl)	w/e 08.08.08
	EIA	Change	API	Change
Crude	296.5	-0.4	298.1	-2.0
Gasoline	202.8	-6.4	202.3	-5.9
RFG	1.8	+0.1	2.0	+0.1
Distillate	131.6	-1.7	128.5	-0.6
Heating Oil	34.5	+1.0	32.8	+1.2
Jet Kerosene	40.8	-0.6	39.7	-1.6

By: Tony Dillon
+44 20 8652 3214

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