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.
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?xml:namespace> (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 41.8 -0.5 41.6 -1.1 43.1 -0.2 42.8 -0.4
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