Crude prices edge higher as US stocks show large distillates draw

16 May 2012 16:13  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures edged higher on Wednesday after the US Energy Information Administration (EIA) issued its weekly stock report showing a larger- than-expected draw in distillate stocks in the US.

Before the report was issued, the front-month ICE Brent June contract, which expires later on Wednesday, was trading around $111.95/bbl, a loss of 29 cents/bbl from Tuesday's close.

Around 15 minutes after the report was issued, the contract edged higher to trade around $112.10/bbl.

Larger gains were seen in the front-month June NYMEX WTI contract which increased 80 cents/bbl to $94.15/bbl, a rise of 17 cents/bbl compared to the close on Tuesday.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 1.70m, a draw on distillate of around 600,000 bbl and a draw on gasoline of around 500,000 bbl.

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

US Stocks (million bbl)	w/e 11.05.12
	EIA	Change	API	Change
Crude	381.60	+2.10	384.70	+6.60
Gasoline	204.30	-2.80	205.30	-2.60
Distillate	119.80	-1.00	120.30	-1.60
Heating Oil	25.40	+0.30	25.40	-0.40
Jet Kerosene	38.40	-1.00	38.30	-1.10

 

By: Kawai Wong
+44 20 8652 3214

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