Crude loses 50 cents/bbl on larger-than-expected stocks build

06 April 2011 16:03  [Source: ICIS news]

LONDON (ICIS)--Crude oil lost 50 cents/bbl on Wednesday, eroding earlier gains, when this week’s US stock figures showed a slightly larger-than-forecast build on crude and a smaller-than-anticipated draw on gasoline.

Distillate stocks also showed an unexpected build.

May NYMEX light sweet crude futures fell from around $108.65/bbl before the figures from the Energy Information Administration (EIA) were published to around $108.15/bbl, a loss of $0.19/bbl from Tuesday’s close.

However, it then regained a little ground and at 14:40 GMT, May NYMEX crude was trading around $108.25/bbl, down $0.09/bbl from Tuesday’s close of $108.34/bbl and well down from the earlier high of $109.15/bbl.

On ICE Futures, May Brent also lost ground, falling from around $122.80/bbl before the figures were published to around $122.25/bbl.

At 14:40 GMT, May Brent was trading around $122.35/bbl, up $0.13/bbl from Tuesday’s close of $122.22/bbl, having earlier hit a high of $123.37/bbl.

Analysts’ predictions for this week’s figures were that they would show a build on crude stocks of about 1.7m bbl, but draws on distillate of around 200,000 bbl and on gasoline of around 1.9m bbl.

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


US Stocks

(million bbl)

w/e 01.04.11





EIA

Change

API

Change

Crude

357.7

+2.0

354.3

-2.8

Gasoline

216.7

-0.4

220.9

+0.6

RFG

0.8

-0.3

2.7

+1.8

Distillate

153.5

+0.2

153.9

-1.0

Heating Oil

34.4

-0.8

35.9

-1.4

Jet Kerosene

40.9

+0.4

39.9

-0.9


By: Tony Dillon
+44 20 8652 3214



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