Crude futures extend losses on US gasoline stock build

07 November 2012 16:16  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures extended losses on Wednesday after the US Energy Information Administration (EIA) issued its weekly stock report showing an unexpected build in gasoline stocks in the week ended 2 November.

Before the report was issued, the front-month December NYMEX WTI contract was trading around $86.10/bbl, a loss of $2.61/bbl compared to the close on Tuesday. Shortly after the report was released, the contract weakened to $85.65/bbl extending the losses to $3.06/bbl.

Similarly the front-month December ICE Brent contract was trading around $108.95/bbl, a loss of $2.12/bbl before the report was issued. The contract then eased to trade around $108.60/bbl widening losses to $2.47/bbl compared to Tuesday’s close.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 1.80m bbl, a draw on distillate of around 1.50m bbl and a drop on gasoline of around 1.00m bbl.

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

U.S Stocks

(million bbl)

w/e 02.11.12

 

 

 

 

EIA

Change

API

Change

Crude

374.80

+1.80

371.70

-0.03

Gasoline

202.40

+2.90

200.90

+1.40

Distillate

118.10

+0.10

118.30

+0.20

Heating Oil

28.20

+0.60

28.10

+1.00

Jet Kerosene

43.40

-1.10

44.20

+0.30

 


By: Kawai Wong
+44 20 8652 3214



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