Crude futures gain $0.80/bbl on US weekly stock draws

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 US stock figures were that they would show a draw in crude stocks of about 100,000 bbl, an increase in distillate of around 100,000 bbl and decrease in gasoline of around 500,000 bbl.

The figures from the American Petroleum Institute (API) were published late on 2 June.

US stocks (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
Heating Oil	43.9	-0.9	41.8	+1.1
Jet Kerosene	44.4	-0.2	43.5	-0.7

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By: Giovanni Coiro
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