US crude falls $1.75/bbl as stocks published

17 September 2008 16:20  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets initially fell by around $1.75/bbl on Wednesday, giving back earlier gains, despite this week’s US stock figures from the Energy Information Administration (EIA) showing a larger than expected crude draw.

 

This was countered by smaller than anticipated draws on distillates and gasoline, even though this took gasoline stocks to a new record low.

 

October NYMEX light sweet crude futures fell from around $94.40/bbl before the figures were published to around $92.65/bbl, still a gain of $1.50/bbl from Tuesday’s close.

 

However, it then regained some ground and at 15:10 GMT, October NYMEX crude was trading around $93.40/bbl, up $2.25/bbl from Tuesday’s close of $91.15/bbl.

 

On London’s ICE Futures, November Brent also lost ground, falling from around $92.30/bbl before the figures were published to hit a low of $90.56/bbl. At 15:10 GMT, November Brent was trading around $91.10/bbl, up $1.88/bbl from Tuesday’s close of $89.22/bbl.

 

Analysts’ predictions for this week’s US stock figures were that they would show draws on crude stocks of about 3.8m bbl, on distillate of around 1.9m bbl and on gasoline of around 3.8m bbl.

US stocks (million bbl)	w/e 12.09.08
	EIA	Change	API	Change
Crude	291.7	-6.3	286.3	-4.4
Gasoline	184.6	-3.3	191.8	-4.3
RFG	1.9	n/c	1.9	+0.1
Distillate	129.6	-0.9	131.2	-1.7
Heating Oil	35.7	-0.3	35.8	+0.2
Jet Kerosene	39.1	-0.7	38.6	-1.0

By: Tony Dillon
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly