Crude recoups losses to rise on US gasoline stock draw

13 June 2012 16:08  [Source: ICIS news]

LONDON (ICIS)--Crude oil rose about 90 cents/bbl on Wednesday, recouping earlier losses, when this week’s US stock figures showed a contrary-to-forecast large draw on gasoline stocks, although this was countered slightly by a smaller-than-expected draw on crude.

July NYMEX light sweet crude futures rose from around $83.10/bbl before the figures from the Energy Information Administration (EIA) were published to hit a high of $84.01/bbl, a gain of 69 cents/bbl from Tuesday’s close

However, they then lost a little ground and at 14:40 GMT July NYMEX crude was trading around $83.90/bbl, up 58 cents/bbl from Tuesday’s close of $83.32/bbl.

On ICE Futures, July Brent also gained ground, rising from around $97.80/bbl before the figures were published to hit a high of $98.38/bbl. At 14:40 GMT, July Brent was trading around $98.30/bbl, up $1.16/bbl from Tuesday’s close of $97.14/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a draw on crude stocks of about 1.4m bbl, a build on distillate of around 1.3m bbl and a build on gasoline of around 1.1m bbl.

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


US Stocks

(million bbl)

w/e 08.06.12


 



EIA

Change

API

Change

Crude

384.4

-0.2

385.7

+1.6

Gasoline

201.8

-1.7

203.3

-0.9

Distillate

120.0

-0.1

121.1

+0.5

Heating Oil

24.8

-0.3

25.8

+0.1

Jet Kerosene

39.2

-0.6

38.7

-0.4


By: Tony Dillon
+44 20 8652 3214



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