Crude adds to earlier gains on US stocks draw

16 January 2013 16:13  [Source: ICIS news]

LONDON (ICIS)--Crude oil rose by around 40 cents/bbl on Wednesday, adding to earlier gains, when this week’s US stock figures showed a draw on crude stocks rather than the forecast build, and a smaller-than-expected build on gasoline.

February NYMEX light sweet crude futures rose from around $93.55/bbl before the figures from the Energy Information Administration (EIA) were published to hit a high $93.94/bbl, a gain of 66 cents/bbl from Tuesday’s close.

However, they then lost a little ground and at 15:40 GMT, February NYMEX crude was trading around $93.85/bbl, up 57 cents/bbl from Tuesday’s close of $93.28/bbl.

On ICE Futures, with the February Brent contract expiring at the close of business, focus switched to March, which also gained ground, rising from around $109.75/bbl before the figures were published to around $110.00/bbl, but short of the earlier high of $110.12/bbl.

At 15:40 GMT, March Brent was trading around $109.85/bbl, up 22 cents/bbl from Tuesday’s close of $109.63/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 2.3m bbl, a build on distillate of around 1.9m bbl and a build on gasoline of around 2.9m bbl.

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


U.S Stocks

(million bbl)

w/e 11.01.13


 



EIA

Change

API

Change

Crude

360.3

-1.0

360.9

+0.04

Gasoline

235.0

+1.9

231.2

+4.1

Distillate

132.4

+1.7

130.8

-0.6

Heating Oil

23.8

-1.6

25.2

-2.0

Jet Kerosene

40.4

+0.8

38.9

-0.5


By: Tony Dillon
+44 20 8652 3214



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