Crude futures gain on unexpected oil stock draw

28 November 2012 16:05  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures gained on Wednesday after the US Energy Information Administration released its weekly stock report showing an unexpected draw in crude oil stocks in the week ending 23 November.

Before the data was released, the front-month January ICE Brent contract was trading around $108.45/bbl, a loss of $1.42/bbl compared with Tuesday's close. Shortly after the release the contract recuperated some of the losses to trade around $109.00/bbl.

Similarly, the front-month January NYMEX WTI contract gained shortly after the report was released trading at $86.10/bbl, up from $85.45/bbl 10 minutes before the report was released.

Analysts predicted this week’s US stock figures would show a build on crude stocks of about 300,000 bbl, a draw on distillate of around 200,000 bbl and a build on gasoline of around 900,000 bbl.

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

US Stocks
(million bbl)

w/e 23.11.12

     

 

EIA

Change

API

Change

Crude

374.10

-0.30

373.10

+2.00

Gasoline

204.30

+3.90

198.30

+2.30

Distillate

112.00

-0.80

114.40

+0.30

Heating Oil

26.40

-0.60

26.60

-0.60

Jet Kerosene

41.10

-1.40

40.30

-1.30


By: Kawai Wong
+44 20 8652 3214



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