Crude falls $1/bbl on US stocks data, loses earlier gains

12 September 2012 16:00  [Source: ICIS news]

LONDON (ICIS)--NYMEX crude oil fell around $1.00/bbl on Wednesday, wiping out earlier gains, when this week’s US stock figures showed an unexpected build on crude, a larger-than-forecast build on distillate and a smaller-than-forecast draw on gasoline.

October NYMEX light sweet crude futures fell from around $97.40/bbl before the figures from the Energy Information Administration (EIA) were published to hit a low of $96.31/bbl, a loss of 86 cents/bbl from Tuesday’s close

However, they then regained some ground and at 14:40 GMT, October NYMEX crude was trading around $97.10/bbl, down 7 cents/bbl from Tuesday’s close of $97.17/bbl.

On ICE Futures, October Brent also lost ground, falling from around $115.95/bbl before the figures were published to around $115.40/bbl, still well above the early low of $115.00/bbl. At 14:40 GMT, October Brent was trading around $115.70/bbl, up 30 cents/bbl from Tuesday’s close of $115.40/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a draw on crude stocks of about 2.6m bbl, a build on distillate of around 200,000 bbl and a draw on gasoline of around 1.6m bbl.

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


U.S Stocks

(million bbl)

w/e 07.09.12


 



EIA

Change

API

Change

Crude

359.1

+2.0

359.0

+0.2

Gasoline

197.7

-1.2

197.7

-4.2

Distillate

128.6

+1.5

128.9

+2.5

Heating Oil

28.8

+0.1

28.4

+0.9

Jet Kerosene

42.1

-1.0

42.1

N/C


By: Tony Dillon
+44 20 8652 3214



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