Crude rises on US stock draws, recoups earlier losses

15 August 2012 16:12  [Source: ICIS news]

LONDON (ICIS)--Crude oil rose by around 60 cents/bbl on Wednesday, recouping earlier losses, when this week’s US stock figures showed larger-than-expected draws on both crude and gasoline, while a small build on distillates was largely ignored.

September NYMEX light sweet crude futures rose from around $92.95/bbl before the figures from the Energy Information Administration (EIA) were published to hit a high of $93.56/bbl, a gain of 13 cents/bbl from Tuesday’s close.

However, they then lost a little ground and at 14:35 GMT, September NYMEX crude was trading around $93.40/bbl, down 3 cents/bbl from Tuesday’s close of $93.43/bbl.

On ICE Futures, September Brent also gained ground, rising from around $114.25/bbl before the figures were published to hit a high of $114.66/bbl. At 14:35 GMT, September Brent was trading around $114.50/bbl, up 47 cents/bbl from Tuesday’s close of $114.03/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a draw on crude stocks of about 1.7m bbl, a draw on distillate of around 200,000 bbl and a draw on gasoline of around 1.5m bbl.

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


US Stocks

(million bbl)

w/e 10.08.12


 



EIA

Change

API

Change

Crude

366.2

-3.7

367.1

+2.8

Gasoline

203.7

-2.4

205.6

-2.0

Distillate

124.2

+0.7

126.1

+1.2

Heating Oil

27.6

+0.8

27.7

+0.9

Jet Kerosene

40.9

+0.6

40.1

-0.5


By: Tony Dillon
+44 20 8652 3214



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