Crude adds to gains on US gasoline draw

24 January 2013 17:06  [Source: ICIS news]

LONDON (ICIS)--Crude oil increased in price by around 30 cents/bbl on Thursday, adding to earlier gains when this week’s US stock figures showed an unexpected draw on gasoline.

However, the increase was somewhat countered by a larger build on crude than forecast.

March NYMEX light sweet crude futures rose from around $96.15/bbl, before the figures from the Energy Information Administration (EIA) were published, to hit a high of $96.45/bbl, a gain of $1.22/bbl from Wednesday’s close

It then lost a little ground, with March NYMEX crude trading around $96.35/bbl as of 16:10 GMT, up $1.12/bbl from Wednesday’s close of $95.23/bbl.

On ICE Futures, March Brent also gained ground, rising from around $113.15/bbl before the figures were published to hit a high of $113.60/bbl. At 16:10 GMT, March Brent was trading around $113.40/bbl, up 60 cents/bbl from Wednesday’s close of $112.80/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 1.8m bbl, a build on distillate of around 400,000 bbl and a build on gasoline of around 1.5m bbl.

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

Earlier in the day, the EIA issued its weekly natural gas stock figures which showed a draw of 172 billion cubic feet (BCF) compared to forecasts of a draw of around 167 BCF.

U.S Stocks

(million bbl)

w/e 18.01.13


 



EIA

Change

API

Change

Crude

364.0

+3.2

363.1

+2.8

Gasoline

229.6

-1.6

233.3

-1.7

Distillate

132.1

+1.3

132.9

+0.5

Heating Oil

24.2

-1.0

23.4

-0.3

Jet Kerosene

39.6

+0.8

39.8

-0.6



By: Tony Dillon
+44 20 8652 3214



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