Crude prices trim gains on US stock data

27 June 2012 16:12  [Source: ICIS news]

LONDON (ICIS)--Crude oil fell about 35 cents/bbl on Wednesday, eroding earlier gains, when this week’s US stock figures showed a smaller draw on crude than forecast and a larger-than-expected build on gasoline.

August NYMEX light sweet crude futures fell from around $80.70/bbl before the figures from the Energy Information Administration (EIA) were published, to around $80.35/bbl, a gain of 99 cents/bbl from Tuesday’s close, but below the earlier high of $80.92/bbl.

However, they then regained a little ground and at 14:40 GMT, August NYMEX crude was trading around $80.40/bbl, up $1.04/bbl from Tuesday’s close of $79.36/bbl.

On ICE Futures, August Brent also lost ground, falling from around $93.70/bbl before the figures were published to around $93.45/bbl. At 14:40 GMT, August Brent was trading around $93.60/bbl, up 58 cents/bbl from Tuesday’s close of $93.02/bbl, but short of the earlier high of $93.95/bbl.

Analysts predicted this week’s US stock figures would show a draw on crude stocks of about 700,000 bbl, a build on distillate of around 1.0m bbl and a build on gasoline of around 900,000 bbl.

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


U.S Stocks

(million bbl)

w/e 22.06.12


 



EIA

Change

API

Change

Crude

387.2

-0.1

385.7

+0.5

Gasoline

204.8

+2.1

205.3

+0.4

Distillate

118.9

-2.3

119.8

-1.0

Heating Oil

25.5

-0.4

26.5

-0.3

Jet Kerosene

38.6

-0.6

38.9

-0.6


By: Tony Dillon
+44 20 8652 3214



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