Crude oil falls again on US stock build, wiping earlier gains

25 April 2012 16:05  [Source: ICIS news]

LONDON (ICIS)--Crude oil fell about 45 cents/bbl on Wednesday, wiping out earlier gains, when this week’s US stock figures showed a larger build on crude stocks than forecast, although this was countered by large draws on both gasoline and distillates.

June NYMEX light sweet crude futures fell from around $103.90/bbl before the figures from the Energy Information Administration (EIA) were published to around $103.45/bbl, a loss of 10 cents/bbl from Tuesday’s close, but above the earlier low of $103.31/bbl.

However, they then regained a little ground and at 14:40 GMT, June NYMEX crude was trading around $103.60/bbl, up 5 cents/bbl from Tuesday’s close of $103.55/bbl.

On ICE Futures, June Brent also lost ground, falling from around $118.35/bbl before the figures were published to around $117.80/bbl. At 14:40 GMT, June Brent was still trading around $117.80/bbl, down 36 cents/bbl from Tuesday’s close of $118.16/bbl, but also above the earlier low of $117.45/bbl.

Analysts predicted this week’s US stock figures would show a build on crude stocks of about 2.9m bbl, a build on distillate of around 300,000 bbl and a draw on gasoline of around 700,000 bbl.

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

US Stocks

(million bbl)

w/e 20.04.12


 



EIA

Change

API

Change

Crude

373.0

+4.0

368.3

-1.0

Gasoline

211.7

-2.2

216.8

-3.6

Distillate

125.9

-3.1

128.7

-3.6

Heating Oil

27.0

-0.9

27.2

-1.0

Jet Kerosene

39.6

+0.3

40.0

+0.1


By: Tony Dillon
+44 20 8652 3214



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