Crude futures fall on US stock build

02 November 2011 15:40  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures weakened on Wednesday, wiping out earlier gains, when this week’s US stock figures showed a 1.8m bbl gain in crude oil stocks in the week to 28 October.

The December ICE Brent contract was trading around $111/bbl before the figures were released at 14:30 GMT but fell to $110.78/bbl by 14:40 GMT. The contract reached an intra-day high earlier in the day at $111.18/bbl.

The December NYMEX WTI contract was trading around $93.30/bbl at 14:20 GMT before the figures were released by the Energy Information Administration (EIA), and fell to $93.04/bbl by 14:40 GMT. The December contract reached an intra-day high of $93.79/bbl earlier in the day.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 1.1m bbl, a draw on distillate of around 1.5m bbl and a draw on gasoline of around 600,000 bbl.

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

U.S Stocks

(million bbl)

w/e 28.10.11

 

 

 

 

EIA

Change

API

Change

Crude

339.5

+1.80

339.8

-0.2

Gasoline

206.30

+1.40

208.6

-1.1

Distillate

141.90

-3.60

144.4

-3.4

Heating Oil

38.60

+0.60

38.4

-0.6

Jet Kerosene

45.80

-0.80

45.4

-1.5

 


By: Kawai Wong
+44 20 8652 3214



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