Crude falls $2/bbl after sharp build in US stocks

08 October 2008 16:25  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets fell by about $2bbl on Wednesday when this week’s US Stock figures from the Energy Information Administration (EIA) showed a much larger than expected build on crude and gasoline stocks.

 

The build, however, was countered by a slightly bigger than anticipated draw on distillate inventories.

 

November NYMEX light sweet crude futures fell from around $89.10/bbl before the figures were published to around $87/bbl, a loss of around $3/bbl from Tuesday’s close.

 

However, it then regained a little ground and at 15:00 GMT November NYMEX crude was trading around $87.55/bbl, down $2.51/bbl from Tuesday’s close of $90.06/bbl.

 

On London’s ICE Futures, November Brent also lost ground, falling from around $84.05/bbl before the figures were published to around $82.20/bbl.

 

At 15:05 GMT, November Brent was trading around $82.80/bbl, down $1.86/bbl from Tuesday’s close of $84.66/bbl.

 

Analysts’ predictions for this week’s US Stock figures were that they would show builds on crude stocks of about 2.3m bbl, a draw in distillate of around 400,000 bbl and builds on gasoline of around 1.1m bbl.

 

US Stocks (million bbl)	w/e 03.10.08
	EIA	Change	API	Change
Crude	302.6	+8.1	301.3	+9.3
Gasoline	186.8	+7.2	192.2	+3.1
RFG	1.7	-0.3	1.5	-0.4
Distillate	122.6	-0.5	125.1	-1.4
Heating Oil	37.7	+0.4	37.8	-0.5
Jet Kerosene	36.08	+0.7	37.4	+1.2

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By: Giovanni Coiro
+44 20 8652 3214

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

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