Crude regains some ground on US stock draws

09 November 2011 16:09  [Source: ICIS news]

LONDON (ICIS)--Crude oil gained around 75 cents/bbl on Wednesday, recouping some of the earlier losses, when this week’s US stock figures from the Energy Information Administration (EIA) showed unexpected draws on both crude and gasoline, plus a larger-than-forecast draw on distillates.

December NYMEX light sweet crude futures rose from around $94.85/bbl before the figures were published to around $95.60/bbl, a loss of $1.20/bbl from Tuesday’s close.

However, it then lost a little ground and at 15:35 GMT, December NYMEX crude was trading around $95.35/bbl, down $1.45/bbl from Tuesday’s close of $96.80/bbl, but up from the earlier low of $94.54/bbl.

On ICE Futures, December Brent also gained ground, rising from around $112.65/bbl before the figures were published to around $113.40/bbl. At 15:35 GMT, December Brent was trading around $113.20/bbl, down $1.80/bbl from Tuesday’s close of $115.00/bbl, but up from the earlier low of $112.36/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 400,000 bbl, a draw on distillate of around 2.0m bbl and a build on gasoline of around 300,000 bbl.

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


U.S Stocks

(million bbl)

w/e 04.11.11


 



EIA

Change

API

Change

Crude

338.1

-1.4

340.0

+0.1

Gasoline

204.2

-2.1

207.1

-1.4

Distillate

135.9

-6.0

141.6

-2.8

Heating Oil

36.7

-1.9

37.4

-0.9

Jet Kerosene

44.6

-1.1

45.0

-0.4


By: Tony Dillon
+44 20 8652 3214



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