Corrected: Crude prices drop on US product stock builds

10 September 2009 16:26  [Source: ICIS news]

Correction: In the ICIS news story headlined "Crude prices drop on US product stock builds" dated 10 September 2009, please read in the first paragraph ...larger-than-anticipated draw... instead of ...larger-than-anticipated build.... A corrected story follows. 

LONDON (ICIS news)--The crude oil markets fell by about 40 cents on Thursday when this week’s US Stock figures from the Energy Information Administration (EIA) showed an unexpected build on gasoline and a larger-than-predicted build on distillates, despite crude stocks showing a much larger-than-anticipated draw.

October NYMEX light sweet crude futures fell from around $72.25/bbl before the figures were published to around $71.85/bbl, still a gain of 54 cents from Wednesday’s close.

However, it then regained a little ground and at 15:05 GMT, October NYMEX crude was trading around $72.00/bbl, up 69 cents from Wednesday’s close of $71.31/bbl, but below the high of $72.44/bbl posted earlier in the day.

On ICE Futures, October Brent also lost ground, falling from around $70.45/bbl before the figures were published to around $70.10/bbl. At 15:05 GMT, October Brent was trading around $70.25/bbl, up 42 cents from Wednesday’s close of $69.83/bbl.

Analysts’ predictions for this week’s US Stock figures were that they would show draws on crude stocks of about 1.5m bbl and on gasoline of around 1.3m bbl, but a build on distillate of around 800,000 bbl.

The American Petroleum Institute (API) figures were published late on Wednesday.

US Stocks (million bbl)	w/e 04.09.09
	EIA	Change	API	Change
Crude	337.5	-5.9	336.3	-7.2
Gasoline	207.2	+2.1	207.5	+0.6
RFG	1.6	-0.1	2.0	-0.2
Distillate	165.6	+2.0	165.1	+3.3
Heating oil	49.1	+0.6	48.9	+1.8
Jet kerosene	45.3	-0.5	46.2	+0.4

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By: Tony Dillon
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