Crude rises over $1/bbl on US crude and gasoline stock draws

13 July 2011 17:26  [Source: ICIS news]

LONDON (ICIS)--Crude oil gained over $1.00/bbl on Wednesday, recouping earlier losses when this week’s US Stock figures from the Energy Information Administration (EIA) showed a larger-than-forecast draw on crude plus an unexpected draw on gasoline.

August NYMEX light sweet crude futures rose from around $97.20/bbl before the figures were published to hit a high of $98.55/bbl, a gain of $1.12 from Tuesday’s close.

However, it then lost a little ground and at 14:40 GMT, August NYMEX crude was trading around $98.50/bbl, up $1.07/bbl from Tuesday’s close of $97.43/bbl.

On ICE Futures, August Brent also gained ground, rising from around $118.10/bbl before the figures were published to hit a high of $119.21/bbl. At 14:40 GMT, August Brent was trading around $119.05/bbl, up $1.30/bbl from Tuesday’s close of $117.75/bbl.

Analysts’ predictions for this week’s US Stock figures were that they would show a draw on crude stocks of about 2.0m bbl, a build on distillate of around 600,000 bbl and a build on gasoline of around 400,000 bbl.

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

US Stocks (million bbl)	w/e 08.07.11
	EIA	Change	API	Change
Crude	355.5	-3.1	359.4	+2.3
Gasoline	211.7	-0.8	208.3	-1.6
RFG	0.1	n/c	0.01	-0.01
Distillate	145.0	+3.0	145.3	+4.7
Heating Oil	34.6	+0.8	34.4	+1.4
Jet Kerosene	44.4	+1.1	44.5	+2.0

By: Tony Dillon
+44 20 8652 3214

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