Crude oil futures weaken on US gasoline and distillate build

09 January 2013 15:56  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures weakened on Wednesday after the US Energy Information Administration (EIA) issued its weekly stock report showing a much larger-than-expected build in gasoline and distillate inventories.

Before the report was issued, the front-month February ICE Brent contract was trading around $111.75/bbl, a loss of 19 cents compared to the previous settlement. Shortly after the report was published, the front-month Brent contract weakened to $111.40/bbl.

The front-month NYMEX WTI contract also lost ground after the report was published. The February contract was trading around $93.50/bbl, 35 cents/bbl higher compared to the previous close, but it fell into negative territory trading around $93.06/bbl shortly after the report was issued.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 1.50m bbl, a build on distillate of around 2.00m bbl and a build on gasoline of around 2.30m bbl.

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

U.S Stocks

(million bbl)

w/e 04.01.12

 

 

 

 

EIA

Change

API

Change

Crude

361.30

+1.30

360.80

+2.40

Gasoline

233.10

+7.40

227.10

+7.90

Distillate

130.70

+6.80

131.40

+5.80

Heating Oil

25.40

+0.50

27.20

+0.50

Jet Kerosene

39.60

+0.40

39.30

-0.10

 


By: Kawai Wong
+44 20 8652 3214



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