Crude prices stay in negative territory after US stock data

05 January 2011 16:03  [Source: ICIS news]

LONDON (ICIS)--Crude oil lost 40 cents/bbl on Wednesday when this week’s US stock figures showed larger than forecast builds on products, hinting at slowing demand.

Crude stocks showed a larger than anticipated draw overall, but stocks at the Cushing, Oklahoma, delivery hub for benchmark grade West Texas Intermediate (WTI) rose by around 860,000 bbl.

February NYMEX light sweet crude futures fell from around $88.50/bbl before the figures from the Energy Information Administration (EIA) were published to within a couple of cents above the earlier low of $88.10/bbl, a loss of $1.28 from Tuesday’s close.

However, it then regained a little ground and at 15:40 GMT, February NYMEX crude was trading around $88.40/bbl, down $0.98/bbl from Tuesday’s close of $89.38/bbl.

On ICE Futures, February Brent also lost ground, falling from around $93.15/bbl before the figures were published to around $92.80/bbl, well above the earlier low of $92.37/bbl. At 15:40 GMT, February Brent was trading around $93.05/bbl, down $0.48/bbl from Tuesday’s close of $93.53/bbl.

Analysts’ predictions for this week’s figures were that they would show a draw on crude stocks of about 1.8m bbl, but builds on distillate of around 400,000 bbl and on gasoline of around 300,000 bbl.

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

U.S Stocks

(million bbl)

w/e 31.12.10

 

 

 

 

EIA

Change

API

Change

Crude

335.3

-4.2

337.1

-7.5

Gasoline

218.1

+3.3

222.0

+5.6

RFG

0.5

n/c

1.0

+0.4

Distillate

162.1

+1.1

164.9

+2.2

Heating Oil

45.1

-2.2

47.9

-1.7

Jet Kerosene

44.1

+0.5

43.0

+0.7


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By: Tony Dillon
+44 20 8652 3214



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