Crude falls 50 cents/bbl on US stock build, adds to earlier losses

23 May 2012 16:17  [Source: ICIS news]

LONDON (ICIS)--Crude oil fell around 50 cents/bbl on Wednesday, adding to earlier losses, when this week’s US stock figures showed yet another build on crude stocks, albeit slightly below forecasts.

A larger-than-expected draw on gasoline failed to provide any support.

July NYMEX light sweet crude futures fell from around $90.70/bbl before the figures from the Energy Information Administration (EIA) were published to hit a low of $90.21/bbl, a loss of $1.64/bbl from Tuesday’s close.

However, they then regained a little ground and at 14:45 GMT, July NYMEX crude was trading around $90.35/bbl, down $1.50/bbl from Tuesday’s close of $91.85/bbl.

On ICE Futures, July Brent also lost ground, falling from around $106.50/bbl before the figures were published to hit a low of $105.92/bbl. At 14:45 GMT, July Brent was trading around $106.20/bbl, down $2.21/bbl from Tuesday’s close of $108.41/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 1.0m bbl, a draw on distillate of around 200,000 bbl and a draw on gasoline of around 500,000 bbl.

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

382.5

+0.9

386.2

+1.5

Gasoline

201.0

-3.3

200.7

-4.5

Distillate

119.5

-0.3

120.0

-0.2

Heating Oil

25.2

-0.2

25.5

n/c

Jet Kerosene

38.3

-0.1

37.6

-0.7


By: Tony Dillon
+44 20 8652 3214



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