Crude futures extend gains as EIA stocks show surprise draws

13 April 2011 16:31  [Source: ICIS news]

LONDON (ICIS)--Crude oil rose by around $1/bbl on Wednesday, adding to earlier gains, when this week’s US stock figures showed larger-than-expected draws in gasoline and distillate stocks.

May NYMEX light sweet crude futures rose from around $106.64/bbl before the figures from the Energy Information Administration (EIA) were published to hit a high of $107.43/bbl, a gain of $1.18/bbl from the previous close of $106.25/bbl.

However, it then lost some ground and at 14:55 GMT, May NYMEX crude was trading around $107.33/bbl, up $1.08/bbl from from the previous close.

On the ICE futures exchange, May Brent also gained ground, rising from around $121.94/bbl before the figures were published to hit a high of $122.96/bbl.

At 14:55 GMT, May Brent was trading around $122.85/bbl, up $1.93/bbl from the previous close of $120.92/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build in crude stocks of about 600,000 bbl, but a draw in distillate of around 100,000 bbl and in gasoline of around 1.2m bbl.

The figures from the American Petroleum Institute (API) were published late on 12 April.

US Stocks

(million bbl)

w/e 08.04.11


 



EIA

Change

API

Change

Crude

359.3

+1.6

355.5

1.2

Gasoline

209.7

-7.0

214.5

-4.6

RFG

0.7

-0.1

1.2

+0.4

Distillate

150.8

-2.7

150.2

-3.7

Heating Oil

34.1

-0.3

34.5

-1.4

Jet Kerosene

41.4

+0.5

40.9

+1.0


Read Paul Hodges’ Chemicals and the Economy blog


By: Giovanni Coiro
+44 20 8652 3214



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