US crude rises $1.15/bbl on weekly stocks figures

27 August 2008 16:18  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets initially rose by about $1.15/bbl on Wednesday when this week’s US stock figures from the Energy Information Administration (EIA) showed a small crude draw, rather than the anticipated build.

 

October NYMEX light sweet crude futures rose from around $118.30/bbl before the figures were published to around $119.45/bbl, a gain of $3.18/bbl from Tuesday’s close.

 

However, this was short of the earlier high of $119.63/bbl posted on the back of concerns about the potential disruption to the Gulf of Mexico oil and gas infrastructure posed by Tropical Storm Gustav.

 

It then lost ground on the back of the smaller than expected gasoline draw and at 14:45 GMT, October NYMEX crude was trading around $119.00/bbl, up $2.73/bbl from Tuesday’s close of $116.27/bbl.

 

On ICE Futures, October Brent also gained ground, rising from around $116.50/bbl before the figures were published to around $117.00/bbl, also short of the earlier $117.25/bbl high. At 14:45 GMT, it was trading around $116.90/bbl, $2.27/bbl from Tuesday’s close of $114.63/bbl.

 

Analysts’ predictions for this week’s US stock figures were that they would show builds on crude stocks of about 1.0m bbl and on distillate of around 500,000 bbl but a draw on gasoline of around 2.9m bbl.

 

 

US Stocks (million bbl)	w/e 22.08.08
	EIA	Change	API	Change
Crude	305.8	-0.1	306.1	-3.5
Gasoline	195.4	-1.2	198.2	-2.1
RFG	1.9	+0.2	1.8	-0.1
Distillate	132.1	n/c	129.6	+0.7
Heating Oil	35.6	+0.5	34.4	+0.7
Jet Kerosene	42.1	+1.2	41.8	+0.5

 

By: Tony Dillon
+44 20 8652 3214

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