Crude oil futures recuperate losses on US stock data

04 January 2013 17:41  [Source: ICIS news]

LONDON (ICIS)--Crude oil recuperated some losses on Friday after the US Energy Information Administration (EIA) issued its weekly stock report showing a much larger-than-expected draw in crude oil stocks in the week ending 28 December.

Before the report was issued, the front-month February ICE Brent contract was trading around $111.15/bbl, a loss of 99 cents compared to the previous settlement. The contract then edged higher to trade around $111.45/bbl shortly after the report was issued.

The front-month NYMEX WTI contract also edged higher. Before the report was published, the contract was trading around $92.70/bbl, a loss of 22 cents/bbl compared to the settlement on Thursday. The contract then edged higher to trade around $92.80/bbl around 10 minutes after the report was issued.

Analysts’ predictions for this week’s US stock figures were that they would show a draw on crude stocks of about 900,000 bbl, a build on distillate of around 1.40m bbl and a build on gasoline of around 2.00m bbl.

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

U.S Stocks (million bbl)	w/e 28.12.12
	EIA	Change	API	Change
Crude	359.90	-11.10	358.50	-12.00
Gasoline	225.70	+2.60	219.20	+3.30
Distillate	124.00	+4.60	125.50	+6.70
Heating Oil	24.90	-1.30	26.60	+0.50
Jet Kerosene	39.20	+0.60	39.50	+0.50

By: Kawai Wong
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly