Crude gains ground on US stock draws

05 July 2012 18:50  [Source: ICIS news]

LONDON (ICIS)--Crude oil gained about 40 cents/bbl on Thursday, recouping earlier losses, when this week’s US inventory figures showed a much larger draw on crude than forecast, plus an unexpected draw on distillates.

August NYMEX light sweet crude futures rose from around $87.60/bbl before the figures from the Energy Information Administration (EIA) were published to around $88.00/bbl, a gain of 34 cents/bbl from Tuesday’s close before the Independence Day holiday.

However, it then lost a little ground and at 15:30 GMT, August NYMEX crude was trading around $87.65/bbl, down one cent/bbl from Tuesday’s close of $87.66/bbl.

On ICE Futures, August Brent also gained ground, rising from around $101.05/bbl before the figures were published to around $101.50/bbl. At 15:30 GMT, August Brent was trading around $101.25/bbl, up $1.48/bbl from Wednesday’s close of $99.77/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a draw on crude stocks of about 1.9m bbl, a build on distillate of around 600,000 bbl and a build on gasoline of around 600,000 bbl.

The American Petroleum Institute (API) figures were published late on Tuesday ahead of the Independence Day holiday.


U.S Stocks

(million bbl)

w/e 29.06.12


 



EIA

Change

API

Change

Crude

382.9

-4.3

382.6

-3.0

Gasoline

205.0

+0.2

203.9

-1.4

Distillate

117.8

-1.1

118.6

-1.1

Heating Oil

25.6

+0.1

26.3

-0.1

Jet Kerosene

37.8

-0.8

38.1

-0.7


By: Tony Dillon
+44 20 8652 3214



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