NYMEX crude posts $1/bbl loss on EIA stock figures

02 September 2009 15:59  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets fell by about 70 cents on Wednesday, adding to earlier losses, when this week’s US stock figures showed a slightly smaller-than-expected draw on crude and a larger-than-anticipated build on distillates.

With the summer driving season now coming to an end, the larger-than-predicted draw on gasoline was largely ignored in initial trading.

October NYMEX light sweet crude futures fell from around $67.75/bbl before the figures from the US Energy Information Administration (EIA) were published, to hit a low of $67.05/bbl, which was a loss of $1.00 from Tuesday’s close.

However, it then regained a little ground and at 14:40 GMT, October NYMEX crude was trading around $67.40/bbl, down 65 cents from Tuesday’s close of $68.05/bbl.

On ICE futures, October Brent also lost ground, falling from around $67.50/bbl before the figures were published, to hit a low of $66.76/bbl.

At 14:40 GMT, October Brent was trading around $67.10/bbl, down 63 cents from Tuesday’s close of $67.73/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a draw on crude stocks of about 600,000 bbl and on gasoline of around 900,000 bbl, but a build on distillate of around 600,000 bbl.

The API figures were published late on Tuesday.

US stocks

(million bbl)

w/e 28.08.09

 

 

 

 

EIA

Change

API

Change

Crude

343.4

-0.4

343.5

-3.2

Gasoline

205.1

-3.0

206.9

-2.8

RFG

1.7

-0.1

2.2

+0.2

Distillate

163.6

+1.2

161.8

+0.9

Heating Oil

48.5

n/c

47.1

-0.4

Jet Kerosene

45.8

+0.3

45.9

-0.3

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By: Tony Dillon
+44 20 8652 3214



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