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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