Crude prices trim earlier losses on US product stock draws

18 April 2012 16:12  [Source: ICIS news]

LONDON (ICIS)--Crude oil rose around 50 cents/bbl on Wednesday to recoup some earlier losses, when this week’s US stock figures showed larger-than-expected draws on products, although these were offset by a larger crude build than forecast.

May NYMEX light sweet crude futures rose from around $103.60/bbl before the figures from the Energy Information Administration (EIA) were published to around $104.10/bbl, a loss of 10 cents/bbl from Tuesday’s close, having earlier hit a low of $103.47/bbl.

However, they then lost a little ground and at 14:40 GMT, May NYMEX crude was trading around $103.90/bbl, down 30 cents/bbl from Tuesday’s close of $104.20/bbl.

On ICE Futures, June Brent also gained ground, rising from around $117.40/bbl before the figures were published to around $117.75/bbl. At 14:40 GMT, June Brent was trading around $117.60/bbl, down $1.18/bbl from Tuesday’s close of $118.78/bbl, but above the earlier low of $117.32/bbl.

Analysts predicted this week’s US stock figures would show a build on crude stocks of about 1.4m bbl, a draw on distillate of around 200,000 bbl and a draw on gasoline of around 900,000 bbl.

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

US Stocks

(million bbl)

w/e 13.04.12


 



EIA

Change

API

Change

Crude

369.0

+3.9

369.3

+3.4

Gasoline

214.0

-3.7

220.4

-2.6

Distillate

129.0

-2.9

132.3

-2.4

Heating Oil

27.8

-0.9

28.2

-0.9

Jet Kerosene

39.2

-0.1

39.9

-0.6


By: Tony Dillon
+44 20 8652 3214



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