Weekly US stocks data have minimal impact on crude prices

15 November 2012 16:33  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures were little changed on Thursday after the weekly stock report was published by the US Energy Information Administration (EIA).

At 15:50 GMT, before the stocks were released, the front-month December ICE Brent contract was trading around $110.75/bbl, a gain of $1.14/bbl compared to the settlement on Wednesday. The contract then edged lower to trade around $110.70/bbl, 10 minutes after the report was released.

The front-month December NYMEX WTI contract was even less responsive to the report. At 15:50 GMT, the December contract was trading around $86.05/bbl, a loss of 27 cents compared to Wednesday’s close. By 16:10 GMT, the contract was trading at $86.06/bbl, just 1 cent/bbl lower compared to the snapshot 20 minutes earlier.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 1.90m bbl, a draw on distillate of around 1.30m bbl and a draw on gasoline of around 800,000 bbl.

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

U.S Stocks

(million bbl)

w/e 09.11.12

 

 

 

 

EIA

Change

API

Change

Crude

375.90

+1.10

373.00

+1.30

Gasoline

201.90

-0.40

200.80

-0.10

Distillate

115.50

-2.50

118.50

+0.20

Heating Oil

28.20

-0.10

28.70

+0.60

Jet Kerosene

42.40

-1.00

42.10

-2.00


By: Kawai Wong
+44 20 8652 3214



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