Crude prices plunge by $2/bbl on large US stock builds

23 September 2009 16:04  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets fell by about $2/bbl on Wednesday, adding to earlier losses, when this week’s US stock figures showed an unexpectedly large build on crude stocks and much larger-than-predicted builds on distillates and gasoline.

November NYMEX light sweet crude futures fell from around $70.50/bbl before the figures from the US Energy Information Administration (EIA) were published to hit a low of $68.57/bbl, which was a loss of $3.19 from the previous close.

However, it then regained a little ground and at 14:40 GMT, November NYMEX crude was trading around $68.75/bbl, down $3.01 from the previous close of $71.76/bbl.

On ICE futures, November Brent also lost ground, falling from around $69.35/bbl before the figures were published to hit a low of $67.57/bbl.

At 14:40 GMT, November Brent was trading around $67.80/bbl, down $2.73 from the previous close of $70.53/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a draw on crude stocks of about 1.5m bbl, but builds on distillate of around 1.4m bbl and on gasoline of around 700,000 bbl.

The American Petroleum Institute (API) figures were published late on 22 September.

US stocks

(million bbl)

w/e 18.09.09

 

 

 

 

EIA

Change

API

Change

Crude

335.6

+2.8

337.2

+0.3

Gasoline

213.1

+5.4

212.6

+3.8

RFG

1.7

+0.2

2.1

+0.2

Distillate

170.8

+3.0

168.4

-1.9

Heating Oil

50.8

+1.5

50.4

+0.4

Jet Kerosene

46.2

+1.0

46.4

+0.6

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By: Tony Dillon
+44 20 8652 3214



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