Crude falls further as US stocks show larger build than forecast

24 October 2012 15:55  [Source: ICIS news]

LONDON (ICIS)--Crude oil fell by almost $1/bbl on Wednesday, adding to earlier losses, when this week’s US stock figures showed a much larger build on crude stocks than had been forecast.

December NYMEX light sweet crude futures fell from around $86.50/bbl before the figures from the Energy Information Administration (EIA) were published to hit a low of $85.55/bbl, a loss of $1.12/bbl from Tuesday’s close.

However, they then regained a little ground and at 14:35 GMT, December NYMEX crude was trading around $85.70/bbl, down 97 cents/bbl from Tuesday’s close of $86.67/bbl.

On ICE Futures, December Brent also lost ground, falling from around $108.40/bbl before the figures were published to hit a low of $107.63/bbl. At 14:35 GMT, December Brent was trading around $107.75/bbl, down 50 cents/bbl from Tuesday’s close of $108.25/bbl.

Analysts predicted this week’s US stock figures would show a build on crude stocks of about 1.9m bbl, a draw on distillate of around 900,000 bbl and a build on gasoline of around 700,000 bbl.

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

US Stocks

(million bbl)

w/e 19.10.12

 

 

 
 

EIA

Change

API

Change

Crude

375.1

+5.9

369.6

+0.3

Gasoline

198.6

+1.4

199.3

+0.2

Distillate

118.0

-0.6

121.7

-1.0

Heating Oil

26.7

n/c

27.9

-0.1

Jet Kerosene

42.9

-0.1

42.7

n/c


By: Tony Dillon
+44 20 8652 3214



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