04 August 2010 16:27 [Source: ICIS news]
LONDON (ICIS)--Crude oil rose by about 25 cents on Wednesday, briefly recouping some of the earlier losses, when this week’s US stock figures showed a larger-than-expected draw in crude, although this was tempered by an unexpected build in gasoline and a larger-than-anticipated build in distillates.
September NYMEX light sweet crude futures rose from around $82.20/bbl before the figures from the Energy Information Administration (EIA) were published to around $82.45/bbl, a loss of 10 cents from the previous close of $82.55/bbl and well short of the earlier high of $82.85/bbl.
However, it then lost ground again and at 14:40 GMT, September NYMEX crude was trading around $82.15/bbl, down 40 cents from the previous close.
On the ICE futures exchange, September Brent also briefly gained ground, rising from around $82.20/bbl before the figures were published to around $82.40/bbl.
At 14:40 GMT, September Brent was trading around $82.10/bbl, down 58 cents from the previous close of $82.68/bbl.
Analysts’ predictions for this week’s US stock figures were that they would show draws in crude stocks of about 1.4m bbl and in gasoline of around 400,000 bbl, but a build in distillates of around 1.2m bbl.
The figures from the American Petroleum Institute (API) were published late on 3 August.
US stocks?xml:namespace> (million bbl) w/e 30.08.10 EIA Change API Change Crude 358.0 -2.8 354.9 -0.8 Gasoline 223.0 +0.7 225.0 +2.3 RFG 1.5 -0.2 1.9 -0.2 Distillate 169.7 +2.2 163.4 +1.1 50.1 +1.0 48.6 +0.5 48.7 +0.4 45.8 -0.2
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