Crude adds to gains on US stock draw

06 September 2012 16:37  [Source: ICIS news]

LONDON (ICIS)--Crude oil gained around 35 cents/bbl on Thursday, adding to earlier gains, when this week’s US stock figures showed a larger draw on crude than forecast, although both distillates and gasoline showed smaller-then-expected draws.

Prices had already risen sharply after the European Central Bank (ECB) announced a new bond buying programme in an attempt to solve the ongoing eurozone debt crisis, adding to gains from better-than-expected US jobs data.

October NYMEX light sweet crude futures rose from around $97.35/bbl before the figures from the Energy Information Administration (EIA) were published to hit a high of $97.71/bbl, a gain of $2.35/bbl from Wednesday’s close.

However, it then lost a little ground and at 15:05 GMT, October NYMEX crude was trading around $97.15/bbl, up $1.79/bbl from Wednesday’s close of $95.36/bbl.

On ICE Futures, October Brent also gained ground, rising from around $114.70/bbl before the figures were published to a high of $115.15/bbl. At 15:05 GMT, October Brent was trading around $114.80/bbl, up by $1.71/bbl from Wednesday’s close of $113.09/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a draw on crude stocks of about 5.3m bbl, a draw on distillate of around 1.9m bbl and a draw on gasoline of around 3.4m bbl.

Earlier, the weekly Natural Gas stock figures from the EIA showed a build of 28 billion cubic feet (BCF), well short of the forecast build of 36 BCF, giving further support to the market.

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

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(million bbl)

w/e 31.08.12





















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By: Tony Dillon
+44 20 8652 3214

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