Crude prices bounce back on supportive EIA stock data

10 March 2010 15:59  [Source: ICIS news]

LONDON (ICIS news)--The crude oil markets rose by about 80 cents on Wednesday, wiping out earlier losses, when this week’s US stock figures showed a large gasoline draw, rather than the small build that was forecast.

Added to this, crude stocks showed a smaller-than-expected build and distillates showed a larger-than-anticipated draw.

April NYMEX light sweet crude futures rose from around $81.35/bbl before the figures from the Energy Information Administration (EIA) were published to hit a high of $82.17/bbl, a gain of 68 cents from the previous close of $81.49/bbl.

However, it then lost a little ground and at 15:40 GMT, April NYMEX crude was trading around $81.95/bbl, up 46 cents from the previous close.

On London’s ICE futures exchange, April Brent also gained ground, rising from around $79.85/bbl before the figures were published to hit a high of $80.65/bbl.

At 15:40 GMT, April Brent was trading around $80.35/bbl, up 44 cents from the previous close of $79.91/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 1.9m bbl and on gasoline of around 200,000 bbl, but a draw on distillate of around 900,000 bbl.

The figures from the American Petroleum Institute (API) were published late on Tuesday.

US stocks (million bbl)	w/e 05.03.10
	EIA	Change	API	Change
Crude	343.0	+1.4	343.6	+6.5
Gasoline	229.0	-2.9	229.7	-3.2
RFG	0.8	+0.2	1.1	-0.2
Distillate	149.6	-2.2	151.8	-2.8
Heating Oil	41.8	-0.5	41.6	-1.1
Jet Kerosene	43.1	-0.2	42.8	-0.4

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