Crude extends losses on US stock build

28 March 2012 16:16  [Source: ICIS news]

LONDON (ICIS)--Crude oil lost another 30 cents/bbl (40 euro cents/bbl) on Wednesday, adding to earlier losses, when this week’s US stock figures showed a much larger build on crude than forecast.

This was countered by a larger-than-expected draw on gasoline.

May NYMEX light sweet crude futures fell from around $105.20/bbl before the figures from the Energy Information Administration (EIA) were published to hit a low of $104.90/bbl, a loss of $2.43/bbl from Tuesday’s close.

However, it then regained a little ground and at 14:40 GMT, May NYMEX crude was trading around $105.25/bbl, down $2.08/bbl from Tuesday’s close of $107.33/bbl.

On ICE Futures, May Brent also lost ground, falling from around $124.00/bbl before the figures were published to hit a low of $123.55/bbl. At 14:40 GMT, May Brent was trading around $123.75/bbl, down $1.79/bbl from Tuesday’s close of $125.54/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 2.6m bbl, a draw on distillate of around 100,000 bbl and a draw on gasoline of around 1.3m bbl.

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

$1 = €0.75


US Stocks

(million bbl)

w/e 23.03.12


 



EIA

Change

API

Change

Crude

353.4

+7.1

351.5

+3.6

Gasoline

223.4

-3.5

226.3

+1.3

Distillate

135.9

-0.7

136.6

-1.4

Heating oil

30.2

+0.4

29.8

n/c

Jet kerosene

41.2

+0.4

41.7

+0.1


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