Crude prices add to gains on US product draws

16 March 2011 15:17  [Source: ICIS news]

LONDON (ICIS)--Crude oil gained about 50 cents/bbl on Wednesday, adding to earlier gains, after this week’s US Stock figures from the Energy Information Administration (EIA) showed much larger draws on products than forecast.

April NYMEX light sweet crude futures rose from around $99.10/bbl before the figures were published to hit a high of $99.60/bbl, a gain of $2.42/bbl from Tuesday’s close

However, it then lost a little ground and at 14:45 GMT, April NYMEX crude was trading around $99.30/bbl, up $2.12/bbl from Tuesday’s close of $97.18/bbl.

On ICE Futures, April Brent also gained ground, rising from around $110.90/bbl before the figures were published to hit a high of $111.76/bbl. At 14:45 GMT, April Brent was trading around $111.40/bbl, up $2.88/bbl from Tuesday’s close of $108.52/bbl.

Analysts predicted that this week’s US Stock figures will show a build on crude stocks of about 1.8m bbl, but draws on distillate of around 1.4m bbl and on gasoline of around 1.6m bbl.

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

U.S Stocks (million bbl)	w/e 11.03.11
	EIA	Change	API	Change
Crude	350.6	+1.7	348.6	+0.1
Gasoline	225.0	-4.2	230.2	-0.4
RFG	1.2	+0.1	1.3	+0.2
Distillate	152.6	-2.6	155.6	+0.5
Heating Oil	37.0	-0.6	40.2	-0.6
Jet Kerosene	40.5	-0.7	40.0	+0.9

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By: Tony Dillon
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