Crude prices fall further on large US stock build

26 October 2011 16:06  [Source: ICIS news]

LONDON (ICIS)--Crude oil lost about 70 cents/bbl on Wednesday, adding to earlier losses, when this week’s US stock figures from the Energy Information Administration (EIA) showed a much larger build on crude stocks than forecast, although this was countered by a larger-than-expected draw on distillates.

December NYMEX light sweet crude futures fell from around $92.35/bbl before the figures were published to hit a low of $91.65/bbl, a loss of $1.52/bbl from Tuesday’s close.

However, it then regained a little ground and at 14:35 GMT, December NYMEX crude was trading around $91.80/bbl, down $1.37/bbl from Tuesday’s close of $93.17/bbl.

On ICE Futures, December Brent also lost ground, falling from around $110.00/bbl before the figures were published to hit a low of $109.62/bbl. At 14:35 GMT, December Brent was trading around $109.70/bbl, down $1.22/bbl from Tuesday’s close of $110.92/bbl.

Analysts predicted that this week’s US stock figures would show a build on crude stocks of about 1.3m bbl, a draw on distillate of around 1.9m bbl and a draw on gasoline of around 1.6m bbl.

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

US stocks (million bbl)

w/e 21.10.11

 

EIA

Change

API

Change

Crude

337.6

+4.7

340.0

+2.7

Gasoline

204.9

-1.4

209.7

+0.1

Distillate

145.5

-4.3

147.9

-1.8

Heating Oil

38.1

-0.2

39.0

+0.3

Jet Kerosene

46.5

+0.1

46.9

+1.3


By: Tony Dillon
+44 20 8652 3214



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