Crude makes short-lived gain on US crude stock draw

11 July 2012 15:57  [Source: ICIS news]

LONDON (ICIS)--Crude oil initially rose about 35 cents/bbl on Wednesday, adding to earlier gains, when this week’s US stock figures showed a much larger draw on crude than forecast, although this was countered by larger-than-expected builds on both gasoline and distillates.

August NYMEX light sweet crude futures rose from around $85.45/bbl before the figures from the Energy Information Administration (EIA) were published to hit a high of $85.79/bbl, a gain of $1.88/bbl from Tuesday’s close

However, they then lost ground when it was revealed that most of the drop in inventories was on the West Coast and at 14:40 GMT, August NYMEX crude was trading around $85.10/bbl, up $1.19/bbl from Tuesday’s close of $83.91/bbl.

On ICE Futures, August Brent also gained ground, rising from around $99.50/bbl before the figures were published to hit a high of $99.67/bbl. At 14:40 GMT, August Brent was trading around $99.10/bbl, up $1.13/bbl from Tuesday’s close of $97.97/bbl.

Analysts’ predicted this week’s US stock figures would show a draw on crude stocks of about 1.2m bbl, a build on distillate of around 400,000 bbl and a build on gasoline of around 300,000 bbl.

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

US Stocks

(million bbl)

w/e 06.07.12


 



EIA

Change

API

Change

Crude

378.2

-4.7

381.9

-0.7

Gasoline

207.7

+2.8

206.3

+2.5

Distillate

120.9

+3.1

117.9

-0.7

Heating Oil

25.6

n/c

25.9

-0.4

Jet Kerosene

38.9

+1.0

38.3

+0.2


By: Tony Dillon
+44 20 8652 3214



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