Crude prices rise further on US stock draws

20 April 2011 15:58  [Source: ICIS news]

LONDON (ICIS)--Crude oil gained about 50 cents/bbl on Wednesday, adding to earlier gains, when this week’s US stock figures showed unexpected draws in crude and distillates.

June NYMEX light sweet crude futures rose from around $109.90/bbl before the figures from the Energy Information Administration (EIA) were published to hit a high of $110.42/bbl, a gain of $2.14 from previous close of $108.28/bbl.

However, it then lost some ground and at 14:40 GMT, June NYMEX crude was trading around $110.10/bbl, up $1.82/bbl from the previous close.

On the ICE futures exchange, June Brent also gained ground, rising from around $122.45/bbl before the figures were published to around $122.90/bbl, short of the earlier high of $123.15/bbl.

At 14:40 GMT, June Brent was trading around $122.65/bbl, up $1.32/bbl from the previous close of $121.33/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show builds in crude stocks of about 1.6m bbl and in distillates of around 500,000 bbl, but a draw in gasoline of around 1.3m bbl.

The figures from the American Petroleum Institute (API) were published late on 19 April.

US Stocks

(million bbl)

w/e 15.04.11


 



EIA

Change

API

Change

Crude

357.0

-2.3

356.1

+0.7

Gasoline

208.1

-1.6

212.7

-1.8

RFG

0.8

+0.2

0.5

-0.7

Distillate

148.3

-2.5

146.8

-3.4

Heating Oil

33.5

-0.6

33.9

-0.6

Jet Kerosene

41.2

-0.2

540.7

-0.3


Read Paul Hodges’ Chemicals and the Economy blog


By: Tony Dillon
+44 20 8652 3214



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