NYMEX crude hits new highs on unexpected crude stock draw

01 November 2012 15:40  [Source: ICIS news]

LONDON (ICIS)--Crude oil rose around 70 cents/bbl on Thursday, adding to earlier gains, when this week’s US stock figures showed an unexpected draw on crude stocks.

December NYMEX light sweet crude futures rose from around $86.70/bbl before the figures from the Energy Information Administration (EIA) were published to hit a high of $87.42/bbl, a gain of $1.18/bbl from Wednesday’s close

However, they then lost a little ground and at 15:10 GMT, December NYMEX crude was trading around $87.30/bbl, up $1.06/bbl from Wednesday’s close of $86.24/bbl.

On ICE Futures, December Brent also gained ground, rising from around $108.45/bbl before the figures were published to around $108.85/bbl, short of the earlier high of $109.03/bbl. At 15:10 GMT, December Brent was trading around $108.65/bbl, down 5 cents/bbl from Wednesday’s close of $108.70/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 1.5m bbl, a draw on distillate of around 1.3m and a build on gasoline of around 200,000 bbl.

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

Earlier in the day, the EIA issued its weekly natural gas stock figures, which showed a build of 65 billion cubic feet (BCF) compared to forecasts of a build of around 67 BCF.


U.S Stocks

(million bbl)

w/e 26.10.12


 



EIA

Change

API

Change

Crude

373.1

-2.0

371.7

+2.1

Gasoline

199.5

+0.9

199.2

-0.2

Distillate

117.9

-0.1

181.2

-2.6

Heating Oil

27.6

+1.0

27.1

+0.1

Jet Kerosene

44.5

+1.7

43.9

+1.2


By: Tony Dillon
+44 20 8652 3214



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