US product stock draws boost crude oil prices

11 April 2012 16:10  [Source: ICIS news]

LONDON (ICIS)--Crude oil rose by around 70 cents/bbl on Wednesday, adding to earlier gains, when this week’s US stock figures showed much larger draws on both gasoline and distillates than forecast, although crude stocks showed a slightly larger-than-expected build.

May NYMEX light sweet crude futures rose from around $101.60/bbl before the figures from the Energy Information Administration (EIA) were published to hit a high of $102.30/bbl, a gain of $1.28/bbl from Tuesday’s close.

However, they then lost a little ground and at 14:40 GMT, May NYMEX crude was trading around $102.15/bbl, up $1.13/bbl from Tuesday’s close of $101.02/bbl.

On ICE Futures, May Brent also gained ground, rising from around $119.40/bbl before the figures were published to around $119.90/bbl, well short of the high of $120.40/bbl posted earlier in the day. At 14:40 GMT, May Brent was trading around $119.65/bbl, down 23 cents/bbl from Tuesday’s close of $119.88/bbl.

Analysts predicted this week’s US stock figures would show a build on crude stocks of about 2.1m bbl, a draw on distillate of around 200,000 bbl and a draw on gasoline of around 1.3m bbl.

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

US Stocks

(million bbl)

w/e 06.04.12


 



EIA

Change

API

Change

Crude

365.2

+2.8

365.9

+6.6

Gasoline

217.6

-4.3

223.0

+1.2

Distillate

131.9

-4.0

134.7

-0.5

Heating Oil

28.7

-2.0

29.1

-1.2

Jet Kerosene

39.3

-0.9

40.5

-0.3


By: Tony Dillon
+44 20 8652 3214



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