Crude up briefly by around 70 cents on US stocks

04 September 2008 16:34  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets briefly rose by around 70 cents on Thursday when this week’s US Stock figures showed an unexpected crude draw, although this was countered by a smaller than anticipated gasoline draw.

 

October NYMEX light sweet crude futures rose from around $108.65 before the Energy Information Administration (EIA) figures were published to around $109.35/bbl, unchanged from Wednesday’s close.

 

However, it then lost ground and at 15:15 GMT, October NYMEX crude was trading around $108.00, down $1.35 from Wednesday’s close of $109.35.

 

On ICE Futures, October Brent also initially gained ground, rising from around $107.15 before the figures were published to around $107.85. At 15:15 GMT, October Brent was trading around $106.60, down $1.46 from Wednesday’s close of $108.06.

 

Analysts’ predictions for this week’s US Stock figures were that they would show builds on crude stocks of about 200,000 bbl and on distillate of around 500,000 bbl, but a draw on gasoline of around 1.4m bbl.

 

The US Natural Stocks, which were issued slightly earlier in the day, showed a build of 90 billion cubic feet (BCF) compared to predictions of a build of 88 BCF.

 

 

U.S Stocks (million bbl)	w/e 29.08.08
	EIA	Change	API	Change
Crude	303.9	-1.9	310.3	+4.2
Gasoline	194.4	-1.0	199.1	+0.9
RFG	2.0	+0.1	1.8	n/c
Distillate	131.7	-0.4	129.4	-0.2
Heating Oil	35.3	-0.3	34.6	+0.3
Jet Kerosene	42.1	n/c	41.3	-0.5

 

By: Tony Dillon
+44 20 8652 3214

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