Crude steady after recouping losses following US stock figures

07 March 2012 16:33  [Source: ICIS news]

LONDON (ICIS) -- Crude oil prices remained steady on Wednesday following this week’s US stock figures, although they initially gained around 50 cents/bbl, recouping earlier losses.

April NYMEX light sweet crude futures rose from around $104.50/bbl before the figures from the Energy Information Administration (EIA) were published to around $105.00/bbl, a gain of 30 cents/bbl from Tuesday’s close

However, it then lost a little ground and at 15:45 GMT, April NYMEX crude was trading around $104.75/bbl, up 5 cents/bbl from Tuesday’s close of $104.70/bbl.

On ICE Futures, April Brent also gained ground, rising from around $122.25/bbl before the figures were published to around $122.60/bbl. At 15:45 GMT, April Brent was trading around $122.35/bbl, up 37 cents/bbl from Tuesday’s close of $121.98/bbl.

Analysts’ predicted that this week’s US stock figures would show a build on crude stocks of about 800,000 bbl, a draw on distillate of around 1.5m bbl and a draw on gasoline of around 1.4m bbl.

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


US Stocks

(million bbl)

w/e 02.03.12


 



EIA

Change

API

Change

Crude

345.7

+0.8

346.5

+4.6

Gasoline

229.5

-0.4

228.5

-2.2

Distillate

139.5

-1.9

141.0

+0.9

Heating Oil

30.6

-0.7

31.0

+0.2

Jet Kerosene

40.8

-1.8

41.1

-1.0


By: Tony Dillon
+44 20 8652 3214



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