Crude oil prices fall further on US stock builds

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

LONDON (ICIS)--Crude oil fell about 35 cents/bbl on Wednesday, adding to earlier losses, when this week’s US stock figures showed contrary-to-forecast builds on both crude and distillate.

Prices had lost ground earlier in the day after the oil and gas production infrastructure in the Gulf of Mexico was left unaffected by the passage of Hurricane Isaac.

However, it still needed to be seen whether it would inflict any serious damage on the US Gulf refining system.

October NYMEX light sweet crude futures fell from around $95.50/bbl before the figures from the Energy Information Administration (EIA) were published to hit a low of $95.13/bbl, a loss of $1.20/bbl from Tuesday’s close.

However, they then regained a little ground and at 14:35 GMT, October NYMEX crude was trading around $95.55/bbl, down 78 cents/bbl from Tuesday’s close of $96.33/bbl.

On ICE Futures, October Brent also lost a little ground, falling from around $112.50/bbl before the figures were published to around $112.30/bbl, well above the earlier low of $111.50/bbl. At 14:35 GMT, October Brent was trading around $112.45/bbl, down 13 cents/bbl from Tuesday’s close of $112.58/bbl.

Analysts predicted this week’s US stock figures would show a draw on crude stocks of about 1.5m bbl, a draw on distillate of around 100,000 bbl and a draw on gasoline of around 1.4m bbl.

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

US stocks

(million bbl)

w/e 24.08.12


 



EIA

Change

API

Change

Crude

364.5

+3.8

366.5

+5.5

Gasoline

201.2

-1.5

204.1

-2.4

Distillate

126.1

+0.9

126.5

+1.3

Heating Oil

28.1

-0.3

28.4

+0.5

Jet Kerosene

43.2

+1.3

41.7

+0.2


By: Tony Dillon
+44 20 8652 3214



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