Crude rises 60 cents/bbl on mixed US Stock figures

03 November 2010 15:03  [Source: ICIS news]

LONDON (ICIS)--Crude oil gained 60 cents/bbl on Wednesday, adding to earlier gains, when this week’s US Stock figures from the Energy Information Administration (EIA) showed larger-than-expected draws on products, despite a larger-than-predicted build on crude.

December NYMEX light sweet crude futures rose from around $84.75/bbl before the figures were published to hit a high of $85.36/bbl, a gain of $1.46 from Tuesday’s close.

However, it then lost a little ground and at 14:40 GMT, December NYMEX crude was trading around $84.90/bbl, up $1.00/bbl from Tuesday’s close of $83.90/bbl.

On ICE Futures, December Brent also gained ground, rising from around $86.20/bbl before the figures were published to hit a high of $86.79/bbl. At 14:40 GMT, December Brent was trading around $86.40/bbl, up $0.99/bbl from Tuesday’s close of $85.41/bbl.

Analysts’ predictions for this week’s US Stock figures were that they would show a build on crude stocks of about 1.2m bbl, but a draw on distillate of around 1.1m bbl and a draw on gasoline of around 100,000 bbl.

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

US Stocks (million bbl)	w/e 29.10.10
	EIA	Change	API	Change
Crude	368.2	+2.0	367.5	-4.1
Gasoline	212.3	-2.7	219.7	-3.2
RFG	0.9	+0.3	0.4	+0.1
Distillate	164.9	-3.6	161.4	-4.7
Heating oil	53.2	-0.2	51.5	-1.4
Jet kerosene	45.8	-1.0	44.8	-0.7

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