Crude gains as US stock figures show unexpected draw on distillates

19 December 2012 16:00  [Source: ICIS news]

LONDON (ICIS)--Crude oil rose by around 30 cents/bbl on Wednesday, adding to earlier gains, when this week’s US stock figures showed an unexpected draw on distillates.

Crude stocks also showed a draw roughly in line with forecasts, while gasoline showed a slightly larger build.

With the January NYMEX light sweet crude futures contract expiring at the end of the day, attention had switched to February, which rose from around $88.65/bbl before the figures from the Energy Information Administration (EIA) were published to around $88.95/bbl, a gain of  55 cents/bbl from Tuesday’s close, but short of the earlier high of $89.15/bbl

However, they then lost a little ground and at 15:40 GMT, February NYMEX crude was trading around $89.00/bbl, up 60 cents/bbl from Tuesday’s close of $88.40/bbl.

On ICE Futures, February Brent also gained ground, rising from around $109.50/bbl before the figures were published to around $109.65/bbl. At 15:40 GMT, February Brent was still trading around $109.65/bbl, up 81 cents/bbl from Tuesday’s close of $108.84/bbl, but again below the earlier high of $110.00/bbl.

Analysts predicted this week’s US stock figures would show a draw on crude stocks of about 1.1m bbl, a build on distillate of around 1.0m bbl and a build on gasoline of around 1.8m bbl.

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

US Stocks

(million bbl)

w/e 14.12.12


 



EIA

Change

API

Change

Crude

371.6

-1.0

371.7

-4.1

Gasoline

219.3

+2.2

213.4

+4.2

Distillate

117.0

-1.1

115.8

+0.3

Heating Oil

25.5

-1.6

25.1

-1.0

Jet Kerosene

39.3

-0.6

40.1

-0.5


By: Tony Dillon
+44 20 8652 3214



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