Crude falls after US stock figures show large builds

25 July 2012 15:51  [Source: ICIS news]

LONDON (ICIS)--Crude oil fell about 95 cents/bbl on Wednesday, adding to earlier losses, when this week’s US stock figures showed large builds on both crude and products.

September NYMEX light sweet crude futures fell from around $88.50/bbl before the figures from the Energy Information Administration (EIA) were published to hit a low of $87.56/bbl, a loss of 94 cents/bbl from Tuesday’s close.

However, they then regained a little ground and at 14:35 GMT, September NYMEX crude was trading around $87.70/bbl, down 80 cents/bbl from Tuesday’s close of $88.50/bbl.

On ICE Futures, September Brent also lost ground, falling from around $103.35/bbl before the figures were published to hit a low of $102.57/bbl. At 14:35 GMT, September Brent was trading around $102.75/bbl, down 67 cents/bbl from Tuesday’s close of $103.42/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 1.1m bbl and a draw on gasoline of around 600,000 bbl.

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

US Stocks

(million bbl)

w/e 20.07.12


 



EIA

Change

API

Change

Crude

380.1

+2.7

381.3

+1.3

Gasoline

210.0

+4.1

208.0

+2.3

Distillate

125.2

+1.7

123.9

+2.6

Heating Oil

26.4

+0.5

26.6

+0.5

Jet Kerosene

39.5

+1.4

38.8

+0.6


By: Tony Dillon
+44 20 8652 3214



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