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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