Crude futures weaken on larger than expected gasoline build

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
(m bbl)

w/e 21/12/12

 

 

 

 

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

Heating Oil

26.20

+0.80

26.20

+1.00

Jet Kerosene

38.60

-0.70

38.90

-1.20


By: Kawai Wong
+44 20 8652 3214



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