Crude gives back earlier gains on large US stock build

30 January 2013 16:12  [Source: ICIS news]

LONDON (ICIS)--Crude oil fell by around 30 cents/bbl on Wednesday, wiping out earlier gains, when this week’s US stock figures showed a much larger build on crude than forecast.

However, this was countered by larger-then-expected draws on gasoline and distillates, which limited the downside.

March NYMEX light sweet crude futures fell from around $97.65/bbl before the figures from the Energy Information Administration (EIA) were published to hit a low of $97.32/bbl, a loss of 25 cents/bbl from Tuesday’s close.

However, they then regained a little ground and at 15:40 GMT, March NYMEX crude was trading around $97.65/bbl, up 8 cents/bbl from Tuesday’s close of $97.57/bbl.

On ICE Futures, March Brent also lost ground, falling from around $114.40/bbl before the figures were published to around $114.25/bbl, but well above the earlier low of 114.07/bbl. At 15:40 GMT, March Brent was trading around $114.60/bbl, up 24 cents/bbl from Tuesday’s close of $114.36/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 2.6m bbl, a draw on distillate of around 1.1m bbl and a draw on gasoline of around 100,000 bbl.

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


U.S Stocks

(million bbl)

w/e 25.01.13


 



EIA

Change

API

Change

Crude

369.1

+5.9

368.2

+4.2

Gasoline

232.3

-1.0

232.0

+2.4

Distillate

130.6

-2.3

130.3

-1.8

Heating Oil

22.8

-0.6

23.7

-0.5

Jet Kerosene

39.8

n/c

39.5

-0.1


By: Tony Dillon
+44 20 8652 3214



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