Crude falls over $3 on larger than expected builds

16 October 2008 16:31  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets fell by over $3/bbl on Thursday when this week’s US Stock figures from the Energy Information Administration (EIA) showed much larger than expected builds on crude and gasoline.

 

November NYMEX light sweet crude futures fell from around $72.30/bbl before the figures were published to hit a low of $69.15/bbl, a loss of $5.39 from Wednesday’s close.

 

However, it then regained a little ground and at 15:15 GMT, November NYMEX crude was trading around $69.90/bbl, down $5.64 from Wednesday’s close of $74.54/bbl.

 

On ICE Futures, December Brent also lost ground, falling from around $70.20/bbl before the figures were published to hit a low of $67.30/bbl. At 15:15 GMT, December Brent was trading around $68.00/bbl, down $4.58 from Wednesday’s close of $72.58/bbl.

 

Analysts’ predictions for this week’s figures, delayed one day by the Columbus Day holiday, were that they would show builds on crude stocks of about 1.9m bbl, on distillate of around 600,000 bbl and on gasoline of around 2.9m bbl.

 

The weekly US Natural Gas stocks, which were published earlier, showed a build of 79bn cubic feet (BCF), compared to expectations of a build of around 82 BCF. 

 

U.S Stocks (million bbl)	w/e 10.10.08
	EIA	Change	API	Change
Crude	308.2	+5.6	303.4	+2.0
Gasoline	193.8	+7.0	191.7	-0.5
RFG	N/A		1.4	-0.2
Distillate	122.1	-0.5	125.4	+0.9
Heating Oil	N/A		37.9	+0.1
Jet Kerosene	N/A		38.2	+1.4

 

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By: Tony Dillon
+44 20 8652 3214

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