Crude futures weaken as EIA weekly data reveal stocks build

29 December 2011 16:42  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures weakened on Thursday after the US Energy Information Administration (EIA) released its weekly stock report showing a build in US crude stocks in the week ending 23 December.

At 15:50 GMT, before the report was released, the front-month February ICE Brent contract was trading around $107.14/bbl, down by 42 cents/bbl compared to the settlement on Wednesday.

At the same time, the February NYMEX WTI contract was trading around $99.01/bbl, down by 35 cents compared to its Wednesday settlement.

The stock report was released at 16:00 GMT on Thursday, a day later than usual due to the December holiday season.

By 16:10 GMT, both contracts fell deeper into negative territory. February Brent was trading around $106.89/bbl, 67 cents lower than Wednesday’s settlement price.

The February WTI contract was trading around $98.60/bbl, a loss of 76 cents against the Wednesday settlement.

Analysts’ predictions for this week’s figures were that they would show a draw on crude stocks of about 1.7m bbl, a /draw on distillate of around 500,000 bbl and a draw on gasoline of around 100,000 bbl.

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

U.S Stocks

(million bbl)

w/e 23.12.11

 

 

 

 

EIA

Change

API

Change

Crude

327.5

+3.9

339.6

+9.6

Gasoline

217.7

-0.7

215.7

+1.8

Distillate

140.4

+1.2

140.1

+0.5

Heating Oil

38.9

-0.2

38.6

-0.3

Jet Kerosene

41.2

-0.3

41.1

-0.9

 


By: Kawai Wong
+44 20 8652 3214



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