Crude regains some lost ground on US product draws

13 October 2011 16:46  [Source: ICIS news]

LONDON (ICIS)--Crude oil gained around 50 cents/bbl on Thursday, recouping some earlier losses, after this week’s US stock figures from the Energy Information Administration (EIA) showed larger-than-forecast draws on distillates and gasoline.

However, this was countered by a larger-than-expected build on crude stocks, plus a build in stocks at the Cushing, Oklahoma delivery hub in the US for the first time in 11 weeks.

November NYMEX light sweet crude futures rose from around $83.80/bbl before the figures were published to around $84.30/bbl, a loss of $1.27/bbl from Wednesday’s close.

However, it then lost a little ground and at 15:15 GMT, November NYMEX crude was trading around $84.15/bbl, down $1.42/bbl from Wednesday’s close of $85.57/bbl.

On ICE Futures, November Brent also regained some ground, rising from around $109.90/bbl before the figures were published to around $104.45/bbl. At 15:15 GMT, November Brent was trading around $110.25/bbl, down $1.11/bbl from Wednesday’s close of $111.36/bbl.

Analysts predicted this week’s US stock figures would show a build on crude stocks of about 300,000 bbl, a draw on distillate of around 600,000 bbl and a draw on gasoline of around 100,000 bbl.

Earlier, the weekly EIA Natural Gas stock figures showed a build of 112bn cubic feet (BCF) compared to forecasts for a build of 102 BCF.

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


US stocks

(million bbl)

w/e 07.10.11





EIA

Change

API

Change

Crude

337.6

+1.3

340.4

-3.8

Gasoline

209.6

-4.1

211.2

-1.2

Distillate

154.0

-2.9

151.9

-3.1

Heating Oil

39.3

-0.9

39.2

+0.6

Jet Kerosene

46.8

+0.4

46.9

+0.4


By: Tony Dillon
+44 20 8652 3214



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