Crude oil futures fall on US stock build, wiping earlier gains

17 October 2012 16:35  [Source: ICIS news]

LONDON (ICIS)--NYMEX light-sweet crude oil futures lost 50 cents/bbl on Wednesday, wiping earlier gains, when this week’s US stock figures showed a larger-than-expected build in crude oil stocks

November NYMEX light sweet crude futures fell from around $92.68/bbl before the figures from the Energy Information Administration (EIA) were published to hit a low of $91.78/bbl, a loss of 31 cents/bbl from Tuesday’s close.

However, they then lost a little ground and at 14.40 GMT, November NYMEX crude was trading around $92.18/bbl, up 9 cents/bbl from Tuesday’s close of $92.09/bbl.

On ICE Futures, December Brent lost ground, falling from around $113.68/bbl before the figures were published to hit a low of $113.05/bbl. At 14:40 GMT, December Brent was trading around $113.34/bbl, down 66 cents/bbl from Tuesday’s close of $114.00/bbl.

Analysts predicted this week’s US stock figures would show a build on crude stocks of about 1.7m bbl, a draw on distillate of around 1.2m bbl and a build on gasoline of around 500,000 bbl.

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

US Stocks

(million bbl)

w/e 12.10.12

 

 

 

 

 

 

 

EIA

Change

API

Change

Crude

369.2

+2.9

364.6

+1.6

Gasoline

197.10

+1.7

200.3

+2.5

Distillate

118.7

-2.2

120.8

-6.2

Heating Oil

26.7

+0.8

27.5

-0.5

Jet Kerosene

43.0

-1.2

42.6

-1.2


By: Kawai Wong
+44 20 8652 3214



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