Crude falls on US stock builds

05 January 2012 16:38  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures fell on Thursday, adding to earlier losses, when this week’s US stock figures from the Energy Information Administration (EIA) showed an unexpected build on crude stocks and larger builds on gasoline and distillates than forecast.

February NYMEX light sweet crude futures fell from around $102.70/bbl before the figures were published to hit a low of $101.95/bbl, a loss of $1.27/bbl from Wednesday’s close.

However, it then regained a little ground and at 16:10 GMT, February NYMEX crude was trading around $102.20/bbl, down by $1.02/bbl from Wednesday’s close of $103.22/bbl.

On ICE Futures, February Brent also lost ground, falling from around $113.50/bbl before the figures were published to hit a low of $112.67/bbl. At 16:10 GMT, January Brent was trading around $112.85/bbl, down 85 cents/bbl from Wednesday’s close of $113.70/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a draw on crude stocks of about 200,000 bbl, a build on distillate of around 800,000 bbl and a build on gasoline of around 1.3m bbl.

Earlier in the day, the weekly EIA Natural Gas stock figures showed a draw of 76 billion cubic feet (BCF), compared with forecasts of a draw of around 82 BCF.

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


U.S Stocks

(million bbl)

w/e 30.12.11


 



EIA

Change

API

Change

Crude

329.7

+2.2

334.5

-4.4

Gasoline

220.2

+2.5

219.1

+3.4

Distillate

143.6

+3.2

145.4

+5.2

Heating Oil

37.0

-1.9

38.0

-0.6

Jet Kerosene

41.4

+0.3

41.5

+0.4


By: Tony Dillon
+44 20 8652 3214



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly