Crude oil prices little changed by US stock data

11 October 2012 16:39  [Source: ICIS news]

LONDON (ICIS)--NYMEX crude oil futures lost about 20 cents/bbl on Thursday, eroding earlier gains, when this week’s US stock figures showed a slightly larger build on crude than forecast, although this was countered by a larger-than-forecast draw on distillates.

November NYMEX light sweet crude futures fell from around $92.60/bbl before the figures from the Energy Information Administration (EIA) were published to around $92.40/bbl, a gain of $1.15/bbl from Wednesday’s close, but down from the earlier high of $92.94/bbl.

However, it then regained a little ground and at 15:15 GMT, November NYMEX crude was trading around $92.65/bbl, up $1.40/bbl from Wednesday’s close of $91.25/bbl.

On ICE Futures, November Brent actually gained ground, rising from around $115.70/bbl before the figures were published to hit a high of $116.00/bbl. At 15:15 GMT, November Brent was trading around $115.75/bbl, up $1.32/bbl from Wednesday’s close of $114.33/bbl.

Analysts predicted this week’s US stock figures would show a build on crude stocks of about 1.0m bbl, a draw on distillate of around 300,000 bbl and a build on gasoline of around 200,000 bbl.

Earlier in the day, the weekly EIA natural gas stock figures showed a build of 72 billion cubic feet (BCF) compared to a forecast build of 80 BCF.

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

US Stocks

(million bbl)

w/e 05.10.12


 



EIA

Change

API

Change

Crude

366.4

+1.7

364.6

+1.6

Gasoline

195.4

-0.5

200.3

+2.5

Distillate

120.9

-3.2

120.8

-6.2

Heating Oil

25.8

-1.6

27.5

-0.5

Jet Kerosene

44.1

-0.3

42.6

-1.2


By: Tony Dillon
+44 20 8652 3214



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