NYMEX crude posts $1/bbl gain on large gasoline stock draw

23 March 2011 15:24  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures rose further to post gains of more than $1.00/bbl on Wednesday, when this week’s US Stock figures from the Energy Information Administration (EIA) showed a much larger draw on gasoline than expected, although this was countered by a slightly larger crude build than forecast.

May NYMEX light sweet crude futures rose from around $105.50/bbl before the figures were published to hit a new high of $106.03/bbl, a gain of $1.06/bbl from Tuesday’s close.

However, it then lost some ground and at 15:00 GMT, May NYMEX crude was trading around $105.70/bbl, up $0.73/bbl from Tuesday’s close of $104.97/bbl.

On ICE Futures, May Brent was little changed from the level of around $115.60/bbl before the figures were published. At 15:00 GMT, May Brent was trading around $115.55/bbl, down 15 cents/bbl from Tuesday’s close of $115.70/bbl.

Analysts’ predictions for this week’s US Stock figures were that they would show a build on crude stocks of about 1.6m bbl, a draw on distillate of around 1.3m bbl and a draw on gasoline of around 1.5m bbl.

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

 

U.S Stocks (million bbl)	w/e 18.03.11
	EIA	Change	API	Change
Crude	352.8	+2.1	350.7	+0.9
Gasoline	219.7	-5.3	222.4	-7.9
RFG	1.2	n/c	1.2	-0.1
Distillate	152.6	n/c	155.0	-0.6
Heating Oil	36.0	-0.9	38.0	-2.1
Jet Kerosene	39.1	-1.4	38.4	-1.6

By: Tony Dillon
+44 20 8652 3214

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