Crude extends gains as US stock figures show draws on crude, gasoline

08 August 2012 16:00  [Source: ICIS news]

LONDON (ICIS)--Crude oil rose about 30 cents/bbl on Wednesday, adding to earlier gains, when this week’s US stock figures showed larger draws on both crude and gasoline than forecast, plus an unexpected draw on distillates.

September NYMEX light sweet crude futures rose from around $94.40/bbl before the figures from the Energy Information Administration (EIA) were published to hit a high of $94.72/bbl, a gain of $1.03/bbl from Tuesday’s close.

However, they then lost a little ground and at 14:35 GMT, September NYMEX crude was trading around $94.15/bbl, up 48 cents/bbl from Tuesday’s close of $93.67/bbl.

On ICE Futures, September Brent also gained ground, rising from around $112.70/bbl before the figures were published to hit a high $113.18/bbl. At 14:35 GMT, September Brent was trading around $112.70/bbl, up 70 cents/bbl from Tuesday’s close of $112.00/bbl.

Analysts predicted this week’s US stock figures would show a draw on crude stocks of about 300,000 bbl, a build on distillate of around 600,000 bbl and a draw on gasoline of around 1.1m bbl.

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

US Stocks

(million bbl)

w/e 03.08.12


 



EIA

Change

API

Change

Crude

369.9

-3.7

364.3

-5.3

Gasoline

206.1

-1.8

207.6

+0.4

Distillate

123.5

-0.7

124.9

+2.4

Heating Oil

26.7

+0.9

26.8

+1.0

Jet Kerosene

40.3

-0.4

40.6

+0.4


By: Tony Dillon
+44 20 8652 3214



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