Crude loses earlier gains as US stocks show large gasoline build

19 January 2012 16:42  [Source: ICIS news]

LONDON (ICIS)--Crude oil lost around 30 cents/bbl on Thursday, eroding earlier gains, when this week’s US stock figures showed a larger-than-forecast build on gasoline which outweighed an unexpected build on crude.

February NYMEX light sweet crude futures fell from around $101.20/bbl before the figures from the Energy Information Administration (EIA) were published to hit a low of $100.90/bbl, a gain of 31 cents/bbl from Wednesday’s close

However, it then regained a little ground and at 16:15 GMT, February NYMEX crude was trading around $101.20/bbl, up 61 cents/bbl from Wednesday’s close of $100.59/bbl.

On ICE Futures, March Brent also lost ground, falling from around $110.20/bbl before the figures were published to hit a low of $110.85/bbl. At 16:15 GMT, March Brent was trading around $111.10/bbl, up 44 cents/bbl from Wednesday’s close of $110.66/bbl.

Analysts’ predictions for this week’s figures were that they would show a build on crude stocks of about 2.8m barrels, a build on distillate of around 1.6m barrels and a build on gasoline of around 2.6m barrels.

Earlier, the weekly EIA Natural Gas stock figures show a draw of 87 billion cubic feet (BCF) compared to a forecast of a draw of around 90 BCF.

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


U.S Stocks

(million bbl)

w/e 13.01.12


 



EIA

Change

API

Change

Crude

331.2

-3.4

330.1

-4.8

Gasoline

227.5

+3.7

225.3

+4.3

Distillate

148.0

+0.4

145.3

-0.9

Heating Oil

33.3

-2.3

34.2

-1.9

Jet Kerosene

42.3

+0.8

42.2

+0.9


By: Tony Dillon
+44 20 8652 3214



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