Crude oil prices fall further on US stock build

30 March 2011 16:08  [Source: ICIS news]

LONDON (ICIS)--Crude oil lost about 50 cents/bbl on Wednesday, adding to earlier losses, when this week’s US stock figures showed a larger build in crude than forecast, plus an unexpected build in distillates, while another draw in gasoline provided little initial support.

Crude oil stocks at Cushing, Oklahoma the delivery hub for West Texas Intermediate (WTI) rose to a record high of 41.89m bbl, an increase of 1.69m bbl over the previous week.

May NYMEX light-sweet crude futures fell from around $104/bbl before the figures from the Energy Information Administration (EIA) were published to hit a low of $103.44/bbl, a loss of $1.35 from the previous close of $104.79/bbl.

However, it then regained some ground and at 14:45 GMT, May NYMEX crude was trading around $103.75/bbl, down $1.04/bbl from the previous close.

On the ICE futures exchange, May Brent also lost ground, falling from around $115/bbl before the figures were published to around $114.60/bbl, just above the early low of $114.50/bbl.

At 14:45 GMT, May Brent was trading around $114.80/bbl, down $0.36/bbl from the previous close of $115.16/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a draw in crude stocks of about 1.8m bbl, but draws in distillate of around 600,000 bbl and in gasoline of around 1.9m bbl.

The figures from the American Petroleum Institute (API) were published late on 29 March.

US stocks

(million bbl)

w/e 25.03.11





EIA

Change

API

Change

Crude

355.7

+2.9

356.4

+5.7

Gasoline

217.0

-2.7

220.4

-1.9

RFG

1.1

-0.1

0.9

-0.3

Distillate

153.3

0.7

154.9

-0.1

Heating Oil

35.2

-0.8

37.3

-0.7

Jet Kerosene

40.6

1.4

40.7

+2.2

Read Paul Hodges’ Chemicals and the Economy blog


By: Tony Dillon
+44 20 8652 3214



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