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



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