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

Read Paul Hodges’ Chemicals and the Economy Blog
To discuss issues facing the chemical industry visit ICIS connect

By: Tony Dillon
+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