Crude makes short-lived recovery on US stock draws

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

LONDON (ICIS)--Crude oil briefly rose by about 35 cents/bbl on Wednesday, recouping some earlier losses, when this week’s US stock figures showed draws on crude, distillate and gasoline rather than the forecast of builds across the board.

November NYMEX light sweet crude futures rose from around $89.85/bbl before the figures from the Energy Information Administration (EIA) were published to around $90.20/bbl, a loss of $1.17/bbl from Tuesday’s close.

However, they then lost more ground, with November plunging to a new low of $89.08/bbl and at 14:40 GMT, November NYMEX crude was trading around $89.35/bbl, down $2.02/bbl from Tuesday’s close of $91.37/bbl.

On ICE Futures, November Brent also initially gained ground, rising from around $109.10/bbl before the figures were published to around $109.55/bbl. At 14:40 GMT, November Brent was trading around $108.75/bbl, down $1.70/bbl from Tuesday’s close of $110.45/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 900,000 bbl, a build on distillate of around 800,000 bbl and a build on gasoline of around 200,000 bbl.

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


U.S Stocks

(million bbl)

w/e 21.09.12


 



EIA

Change

API

Change

Crude

365.2

-2.4

361.8

+0.3

Gasoline

195.8

-0.5

197.9

+0.1

Distillate

127.7

-0.5

127.3

-0.5

Heating Oil

27.6

-0.8

27.8

-1.0

Jet Kerosene

44.0

+0.6

43.0

+0.6


By: Tony Dillon
+44 20 8652 3214



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