Crude falls a further 75 cents on large builds

22 October 2008 16:07  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets fell by about 75 cents on Wednesday adding to earlier losses, when this week’s US Stock figures from the Energy Information Administration (EIA) showed larger than expected builds on crude and products.

 

December NYMEX light sweet crude futures fell from around $68.25/bbl before the figures were published to hit a low of $67.50/bbl, a loss of $4.68 from Tuesday’s close.

 

However, it then regained a little ground and at 14:45 GMT, December NYMEX crude was trading around $68.00/bbl, down $4.18 from Tuesday’s close of $72.18/bbl.

 

On ICE Futures, December Brent also lost ground, falling from around $66.35/bbl before the figures were published to hit a low of $65.28/bbl. At 14:45 GMT, December Brent was trading around $65.90/bbl, down $3.82 from Tuesday’s close of $69.72/bbl.

 

Analysts’ predictions for this week’s US Stock figures were that they would show builds on crude stocks of about 2.3m bbl, on distillate of around 100,000 bbl and on gasoline of around 100,000 bbl. 

 

U.S Stocks (million bbl)	w/e 17.10.08
	EIA	Change	API	Change
Crude	311.4	+3.2	306.1	+2.8
Gasoline	196.5	+2.7	196.8	+2.1
RFG	1.3	n/c	1.1	-0.2
Distillate	124.3	+2.2	125.7	+0.3
Heating Oil	38.3	+0.8	39.1	+1.2
Jet Kerosene	36.6	+0.3	38.1	-0.1

 

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By: Tony Dillon
+44 20 8652 3214

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