Crude gains on US distillate and gasoline stock draws

09 May 2012 16:39  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures edged higher on Wednesday after the US Energy Information Administration published its weekly stock report, showing an unexpected draw in distillate stocks and a larger-than-expected drop in gasoline inventories for the week ending 4 May.

Before the report was issued, the front-month June NYMEX WTI contract was trading around $95.62/bbl, a loss of $1.39/bbl compared with the settlement on Tuesday.

However, despite the larger-than-expected build in crude stocks, the June contract edged higher to trade around $96.12/bbl, supported by the substantial drop in gasoline and distillate inventories.

Similarly, the front-month June ICE Brent contract recuperated some of its losses after the report was released, trading at $112.12/bbl, up from $111.87/bbl before the report was published.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 2m barrels, a build on distillate of about 100,000 barrels and a draw on gasoline of around 100,000 barrels.

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

U.S Stocks

(million bbl)

w/e 04.05.12

 

 

 

 

EIA

Change

API

Change

Crude

379.50

+3.70

378.20

+7.80

Gasoline

207.10

-2.60

207.90

-5.00

Distillate

120.80

-3.30

121.80

-2.70

Heating Oil

25.10

-1.40

25.80

-1.00

Jet Kerosene

39.30

-0.40

39.40

+0.20



By: Kawai Wong
+44 20 8652 3214



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