Crude makes brief recovery on US stock draws

03 October 2012 16:03  [Source: ICIS news]

LONDON (ICIS)--Crude oil briefly rose by around 30 cents/bbl on Wednesday, recouping a small portion from earlier losses, when this week’s US stock figures showed an unexpected draw on crude and a larger-than-forecast draw on distillates.

November NYMEX light sweet crude futures rose from around $89.60/bbl before the figures from the Energy Information Administration (EIA) were published to around $89.90/bbl, a loss of $1.99/bbl from Tuesday’s close

However, they then lost a little ground and at 14:35 GMT, November NYMEX crude was trading around $89.70/bbl, down $2.19/bbl from Tuesday’s close of $91.89/bbl, but above the earlier low of $89.25/bbl.

On ICE Futures, November Brent also gained ground, rising from around $108.60/bbl before the figures were published to around $109.05/bbl. At 14:35 GMT, November Brent was trading around $108.90/bbl, down $2.67/bbl from Tuesday’s close of $111.57/bbl, but also above the earlier low of $108.22/bbl.

Analysts predicted that this week’s figures would show a build on crude stocks of about 1.5m bbl, a draw on distillate of around 300,000 bbl and a draw on gasoline of around 100,000 bbl.

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


U.S Stocks

(million bbl)

w/e 28.09.12


 



EIA

Change

API

Change

Crude

364.7

-0.5

362.9

+0.5

Gasoline

195.9

+0.1

197.9

-0.1

Distillate

124.1

-3.7

127.0

-0.3

Heating Oil

27.4

-0.2

28.0

+0.2

Jet Kerosene

44.4

+0.4

43.8

+0.8


By: Tony Dillon
+44 20 8652 3214



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly