03 June 2010 16:42 [Source: ICIS news]
LONDON (ICIS news)--The crude oil markets gained by $0.80/bbl on Thursday, adding to the upside, when this week’s US stock figures showed a larger-than-expected decrease in gasoline and crude oil stocks.
July NYMEX light sweet crude futures gained from around $73.20/bbl before the figures from the Energy Information Administration (EIA) were published to reach nearly $74/bbl, a gain of $1.14/bbl from the previous close of $72.86/bbl.
However, it then retreated slightly and at 15:10 GMT, July NYMEX crude was trading around $73.95/bbl, up $1.09/bbl from the previous close.
On the ICE futures exchange, July Brent also gained ground, from around $74.60/bbl before the figures were published to a high of $75.43/bbl. At 15:10 GMT, July Brent was trading around $75.20/bbl, up $1.45/bbl from the previous close of $73.75/bbl.
Analysts’ predictions for this week’s ?xml:namespace>
The figures from the American Petroleum Institute (API) were published late on 2 June.
US stocks?xml:namespace> (million bbl) w/e 28.06.10 EIA Change API Change Crude 363.2 -1.9 362.7 -1.4 Gasoline 2.19 -2.6 217.2 -1.0 RFG 1.9 -0.1 2.2 n/c Distillate 153.0 +0.5 149.0 +1.0 43.9 -0.9 41.8 +1.1 44.4 -0.2 43.5 -0.7
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