Crude makes brief recovery on US stock figures

30 December 2010 16:35  [Source: ICIS news]

LONDON (ICIS)--Crude oil gained about 50 cents/bbl on Thursday, recouping some of the earlier losses when this week’s US stock figures from the Energy Information Administration (EIA) showed an unexpected draw on gasoline, although this was tempered by a smaller than forecast draw on crude and a small build on distillates.

February NYMEX light sweet crude futures rose from a low of $89.96/bbl before the figures were published to around $90.45/bbl, a loss of $0.67 from Wednesday’s close.

However, it then lost a little ground and at 16:10 GMT, February NYMEX crude was trading around $90.10/bbl, down $1.02/bbl from Wednesday’s close of $91.12/bbl.

On ICE Futures, February Brent also gained ground, rising from around $93.25/bbl before the figures were published to around $93.65/bbl. At 16:10 GMT, February Brent was trading around $93.30/bbl, down $0.84/bbl from Wednesday’s close of $94.14/bbl.

Analysts’ predictions for this week’s US Stock figures were that they would show draws on crude stocks of about 2.6m bbl and on distillate of around 600,000 bbl, but a build on gasoline of around 1.4m bbl.

Earlier, the weekly Natural Gas stock figures from the EIA showed a draw of 136 billon cubic feet (BCF), smaller than the forecast draw of 147 BCF.

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

U.S Stocks

(million bbl)

w/e 24.10.10


 



EIA

Change

API

Change

Crude

339.4

-1.3

345.1

+3.1

Gasoline

214.9

-2.3

216.4

-3.1

RFG

0.4

-0.2

0.5

-0.1

Distillate

161.0

+0.2

162.6

+1.4

Heating Oil

47.4

-2.0

49.1

-0.8

Jet Kerosene

43.6

-0.3

42.4

-1.3

 

($1 = €0.76)

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By: Tony Dillon
+44 20 8652 3214



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