28 December 2012 17:34 [Source: ICIS news]
LONDON (ICIS)--Crude oil futures weakened on Friday after the Energy Information Administration (EIA) issued its weekly stock report showing a much larger than expected build in gasoline stocks.
Before the report was issued, the front-month ICE Brent February contract was trading around $110.90/bbl, a gain of 10 cents/bbl compared to the previous close. The contract then weakened to $110.25/bbl after the report was issued.
Similarly, the front-month February NYMEX WTI contract was trading around $91.30/bbl, a gain of 43 cents/bbl against the previous settlement, before the report was issued. The contract then weakened to $90.70/bbl shortly after the stock report was published.
Analysts’ predictions for this week’s US stock figures were that they would show a draw on crude stocks of about 1.90m bbl, a draw on distillate of around 900,000 bbl and a build on gasoline of around 500,000 bbl.
The American Petroleum Institute (API) figures were published late on Tuesday.
US Stocks w/e 21/12/12 ?xml:namespace> EIA Change API Change Crude 371.10 -0.60 370.50 -1.20 Gasoline 223.10 +3.80 215.80 +2.40 Distillate 119.40 +2.40 118.80 +2.90 26.20 +0.80 26.20 +1.00 38.60 -0.70 38.90 -1.20
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