Crude futures weaken after unexpected drop in US crude stocks

05 December 2012 16:10  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures weakened 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 30 November.

Before the stocks were released, the front-month January ICE Brent contract was trading around $109.80/bbl, just 4 cents/bbl lower than the settlement on Tuesday. Shortly after the report was released, the contract weakened to $109.02/bbl, a loss of 82 cents/bbl compared with the previous close.

Similarly, the front-month January NYMEX WTI contract weakened to $87.81/bbl, a loss of 69 cents/bbl compared with Tuesday’s settlement, from $88.45/bbl before the report was issued.

Analysts predicted this week’s US stock figures would show a build on crude stocks of about 100,000 bbl, a build on distillate of around 900,000 bbl and a build on gasoline of around 2.0m bbl.

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

US Stocks

(million bbl)

w/e 30.11.12


 



EIA

Change

API

Change

Crude

371.80

-2.40

371.50

-2.20

Gasoline

212.10

+7.90

206.50

+5.70

Distillate

115.10

+3.00

115.50

+1.10

Heating Oil

25.90

-0.50

26.40

-0.20

Jet Kerosene

40.10

-0.90

41.30

+1.00




By: Kawai Wong
+44 20 8652 3214



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