Crude extends gains as US stock figures show larger draw than forecast

01 August 2012 16:11  [Source: ICIS news]

LONDON (ICIS)--Crude oil rose around 60 cents/bbl on Wednesday, adding to earlier gains, when this week’s US stock figures showed a much larger draw on crude than forecast, plus unexpected draws on both distillates and gasoline.

September NYMEX light sweet crude futures rose from around $88.60/bbl before the figures from the Energy Information Administration (EIA) were published to hit a high of $89.20/bbl, a gain of $1.14/bbl from Tuesday’s close.

However, they then lost a little ground and at 14:35 GMT, September NYMEX crude was trading around $88.80/bbl, up 74 cents/bbl from Tuesday’s close of $88.06/bbl.

On ICE Futures, September Brent also gained ground, rising from around $105.90/bbl before the figures were published to hit a high of $106.35/bbl. At 14:35 GMT, September Brent was trading around $106.00/bbl, up $1.08/bbl from Tuesday’s close of $104.92/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 build on gasoline of around 1.0m bbl.

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

US Stocks

(million bbl)

w/e 27.07.12


 



EIA

Change

API

Change

Crude

373.6

-6.5

369.6

-11.6

Gasoline

207.9

-2.2

207.2

-1.3

Distillate

124.3

-1.0

122.5

-1.4

Heating Oil

25.8

-0.6

25.8

-1.8

Jet Kerosene

40.6

+1.1

40.2

+1.4


By: Tony Dillon
+44 20 8652 3214



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