Oil up as weekly EIA data show a surprise gasoline draw

06 May 2009 16:02  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets rose by about 55 cents on Wednesday, adding to earlier gains, when this week’s US stock figures showed a smaller-than-expected rise in crude stocks and an unexpected gasoline draw, although these were countered by a larger-than-predicted build on distillate.

June NYMEX light sweet crude futures rose from around $55.25/bbl before the figures from the US Energy Information Administration (EIA) were published to hit a high of $55.80/bbl, which was a gain of $1.96/bbl from Tuesday’s close.

However, it then lost a little ground and at 14:45 GMT June NYMEX crude was trading around $55.45/bbl, up $1.61/cents from Tuesday’s close of $53.84/bbl.

On ICE futures, June Brent also gained ground, rising from around $55.20/bbl before the figures were published to hit a high of $55.53/bbl. At 14:45 GMT, June Brent was trading around $55.30/bbl, up $1.18/bbl from Tuesday’s close of $54.12/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show builds on crude stocks of about 2.2m bbl, on distillate of around 1.0m bbl and on gasoline of around 700,000 bbl.

The API figures were published late on Tuesday.

US stocks (million bbl)	w/e 01.05.09
	EIA	Change	API	Change
Crude	375.3	+0.6	373.8	-1.0
Gasoline	212.4	-0.2	213.1	-2.9
RFG	1.9	-0.1	2.1	-0.2
Distillate	146.5	+2.4	145.4	+1.0
Heating Oil	38.6	+0.9	37.1	-0.4
Jet Kerosene	40.7	+0.5	40.8	+0.5

Read Paul Hodges’ Chemicals and the Economy blog
To discuss issues facing the chemical industry go to ICIS connect

By: Giovanni Coiro
+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