Crude prices fall further on US stock builds

20 June 2012 16:10  [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 an unexpected build on crude and a larger-than-forecast build on distillates.

July NYMEX light sweet crude futures, which expire at the close of business, fell from around $83.00/bbl before the figures from the Energy Information Administration (EIA) were published to hit a low of $82.50/bbl, a loss of $1.53/bbl from Tuesday’s close

However, they then regained a little ground and at 14:37 GMT, July NYMEX crude was trading around $82.95/bbl, down $1.08/bbl from Tuesday’s close of $84.03/bbl.

On ICE Futures, August Brent also lost ground, falling from around $95.05/bbl before the figures were published to hit a low of $94.60/bbl. At 14:37 GMT, August Brent was trading around $95.05/bbl, down 71 cents/bbl from Tuesday’s close of $95.76/bbl.

Analysts’ predictions for this week’s stock figures were that they would show a draw on crude stocks of about 1.1m bbl, a build on distillate of around 800,000 bbl and a build on gasoline of around 800,000 bbl.

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


U.S Stocks

(million bbl)

w/e 15.06.12


 



EIA

Change

API

Change

Crude

387.3

+2.9

385.1

-0.5

Gasoline

202.7

+0.9

204.9

+1.1

Distillate

121.1

+1.2

120.8

-0.3

Heating Oil

26.0

1.2

26.7

+1.0

Jet Kerosene

39.2

n/c

39.4

+0.7


By: Tony Dillon
+44 20 8652 3214



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