Crude falls further on US stock data

02 May 2012 16:11  [Source: ICIS news]

LONDON (ICIS)--Crude oil fell by around 30 cents/bbl on Wednesday, adding to earlier losses, when this week’s US stock figures showed a larger build on crude than expected, although there were larger draws on products than forecast.

June NYMEX light sweet crude futures fell from around $105.60/bbl before the figures from the Energy Information Administration (EIA) were published to hit a low of $105.31/bbl, a loss of 85 cents/bbl from Tuesday’s close.

However, they then regained a little ground and at 14:35 GMT, June NYMEX crude was trading around $105.45/bbl, down by 71 cents/bbl from Tuesday’s close of $106.16/bbl.

On ICE Futures, June Brent also lost ground, falling from around $119.10/bbl before the figures were published to around $118.95/bbl. At 14:35 GMT, June Brent was trading around $119.00/bbl, down by 66 cents/bbl from Tuesday’s close of $119.66/bbl, but above the earlier low of $118.83/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 2.5m bbl, a draw on distillate of around 200,000 bbl and a draw on gasoline of around 800,000 bbl.

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

U.S Stocks (million bbl)	w/e 27.04.12
	EIA	Change	API	Change
Crude	375.9	+2.8	370.4	+2.0
Gasoline	209.7	-2.0	212.9	-3.9
Distillate	124.0	-1.9	124.6	-4.2
Heating Oil	26.5	-0.4	26.8	-0.4
Jet Kerosene	39.7	+0.2	39.1	-0.8

By: Tony Dillon
+44 20 8652 3214

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