Crude recoups some lost ground on US stock data

06 February 2013 16:21  [Source: ICIS news]

LONDON (ICIS)--US crude oil futures rose by around 35 cents/bbl on Wednesday, recouping a little of the earlier losses, when this week’s US stock figures showed a slightly smaller build on crude than forecast, although this was tempered by an unexpected build on gasoline.

March NYMEX light sweet crude futures rose from around $95.65/bbl before the figures from the Energy Information Administration (EIA) were published to around $96.00/bbl, a loss of 64 cents/bbl from Tuesday’s close, but well above the earlier low of $95.04/bbl.

However, they then lost a little ground and at 15:45 GMT, March NYMEX crude was trading around $95.95/bbl, down 69 cents/bbl from Tuesday’s close of $96.64/bbl.

On ICE Futures, March Brent initially lost a little ground, falling from around $116.10/bbl before the figures were published to around $116.00/bbl. At 15:45 GMT, March Brent was trading around $116.25/bbl, down 27 cents/bbl from Tuesday’s close of $116.52/bbl, but again well above the earlier low of $115.72/bbl.

Analysts predicted this week’s US stock figures would show a build on crude stocks of about 2.8m bbl, a draw on distillate of around 1.0m bbl and little change on gasoline.

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

US Stocks

(million bbl)

w/e 01.02.13

 

 

 
 

EIA

Change

API

Change

Crude

371.7

+2.6

371.8

+3.6

Gasoline

234.0

+1.7

233.5

+1.5

Distillate

129.6

-1.0

128.8

-1.4

Heating Oil

22.7

-0.1

23.5

-0.2

Jet Kerosene

39.1

-0.8

38.3

-1.2


By: Tony Dillon
+44 20 8652 3214



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