Crude weakens on unexpected rise in US stocks

12 December 2012 16:04  [Source: ICIS news]

LONDON (ICIS)--Crude oil fell by around 70 cents/bbl on Wednesday, eroding earlier gains, when this week’s US stock figures showed an unexpected gain on crude and larger than forecast gains on products.

January NYMEX light sweet crude futures fell from around $86.75/bbl before the figures from the Energy Information Administration (EIA) were published to around $86.05/bbl, still a gain of 26 cents/bbl from Tuesday’s close

However, they then regained a little ground and at 15:45 GMT, January NYMEX crude was trading around $86.20/bbl, up 41 cents/bbl from Tuesday’s close of $85.79/bbl.

On ICE Futures, January Brent also lost ground, falling from around $109.65/bbl before the figures were published to around $109.05/bbl. At 15:45 GMT, January Brent was trading around $109.10/bbl, up $1.09/bbl from Tuesday’s close of $108.01/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a draw on crude stocks of about 1.9m bbl, a build on distillate of around 1.5m bbl and a build on gasoline of around 1.9m bbl.

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

 

U.S Stocks

(million bbl)

w/e 07.12.12

 

 

 

 

EIA

Change

API

Change

Crude

372.6

+0.8

375.8

+4.2

Gasoline

217.1

+5.0

209..2

+2.7

Distillate

118.1

+3.0

117.7

+0.3

Heating Oil

27.1

+1.1

26.2

-0.2

Jet Kerosene

39.9

-0.3

40.7

-0.5

 


By: Tony Dillon
+44 20 8652 3214



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