US crude prices fall $5.23 on gasoline build

05 November 2008 21:00  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for December delivery reversed direction on Wednesday and settled at $65.30/bbl, down $5.23 on an unexpected increase in US gasoline stocks.

The market responded to this week’s stock figures from the Energy Information Administration (EIA), which showed a contrary-to-forecast build in gasoline inventories. The statistics also showed crude stocks unchanged from the previous week; while demand for refined products continued to decline.

After surging nearly 10% and settling at $70.53/bbl on Tuesday, December crude sold down to $65.01/bbl before settling near the bottom of the range.

A sell-off in the stock market in response to weak economic data also wiped out the previous day’s gains in equities and overshadowed a historic US presidential election.

ICE Brent for December delivery established an intra-day low of $61.13/bbl before settling at $61.87/bbl, down $4.57 from Tuesday.

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By: Ignacio Sotolongo
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