Crude dips 40 cents/bbl as US stocks show unexpected build

01 December 2010 16:04  [Source: ICIS news]

LONDON (ICIS)--Crude oil lost 40 cents/bbl on Wednesday, eroding earlier gains, when this week’s US stock figures showed an unexpected build on crude stocks.

January NYMEX light sweet crude futures fell from around $85.70/bbl before the figures from the Energy Information Administration (EIA) were published, to around $85.30/bbl - still a gain of $1.19 from Tuesday’s close.

However, it then regained a little ground and at 15:35 GMT, January NYMEX crude was trading around $85.45/bbl, up $1.34/bbl from Tuesday’s close of $84.11/bbl.

On ICE Futures, January Brent also lost ground, falling from around $87.65/bbl before the figures were published, to around $87.40/bbl. At 15:35 GMT, it was trading around $87.50/bbl, up $1.58/bbl from Tuesday’s close of $85.92/bbl.

Analysts’ predictions for this week’s figures were that they would show a draw on crude stocks of about 900,000 bbl, a draw on distillate of around 1.1m bbl and a build on gasoline of around 400,000 bbl.

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

U.S Stocks (million bbl)	w/e 26.11.10
	EIA	Change	API	Change
Crude	359.7	+1.1	356.6	-1.1
Gasoline	210.2	+0.6	215.2	+1.1
RFG	0.6	-0.1	0.2	-0.1
Distillate	158.1	-0.2	157.5	+0.2
Heating Oil	51.8	-0.5	50.6	-1.5
Jet Kerosene	44.9	+0.2	43.1	-0.6

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By: Tony Dillon
+44 20 8652 3214

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