Crude falls by $3/bbl on US stocks build, extends earlier losses
03 August 2011 17:08 [Source: ICIS news]
LONDON (ICIS)--Crude oil lost almost $3/bbl on Wednesday, extending earlier losses, when this week’sSeptember NYMEX light sweet crude futures fell from around $92.60/bbl before the figures from the Energy Information Administration (EIA) were published to hit a low of $92.40/bbl, a loss of $1.39 from Tuesday’s close.
However, it then lost a little ground and at 14:40 GMT, September NYMEX crude was trading around $92.04/bbl, down $1.75/bbl from Tuesday’s close of $93.79/bbl.
On ICE Futures, September Brent also lost ground, falling from around $114.50/bbl before the figures were published to a low of $114.27/bbl. At 14:40 GMT, September Brent was trading around $113.80/bbl, down $2.66/bbl from Tuesday’s close of $116.46/bbl.
Analysts’ predictions for this week’s figures were that they would show a build on crude stocks of about 900,000 barrels, a build on distillate of around 1.5m barrels and a build on gasoline of around 100,000 barrels.
The American Petroleum Institute (API) figures were published late on Tuesday.
|
U.S Stocks (million bbl) |
w/e 29.0711 |
|
||
|
EIA |
Change |
API |
Change | |
|
Crude |
355 |
+1.0 |
354.9 |
-3.3 |
|
Gasoline |
215.2 |
+1.7 |
212.2 |
+2.5 |
|
Distillate |
152.3 |
+0.4 |
150.7 |
+1.4 |
|
37.3 |
+0.9 |
38.3 |
+1.4 | |
|
45.0 |
n/c |
44.2 |
+0.3 |
By: Kawai Wong
+44 20 8652 3214
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