Crude posts brief gains on US stock figures

13 February 2013 16:01  [Source: ICIS news]

LONDON (ICIS)--Crude oil initially rose by around 30 cents/bbl on Wednesday, adding to earlier gains, when this week’s US stock figures showed a smaller build on crude than forecast, plus an unexpected draw on gasoline and a much larger draw on distillates.

March NYMEX light sweet crude futures rose from around $97.75/bbl before the figures from the Energy Information Administration (EIA) were published to around $98.05/bbl, a gain of 54 cents/bbl from Tuesday’s close, but short of the earlier high of $98.11/bbl.

However, they then lost ground and at 15:40 GMT, March NYMEX crude was trading around $97.35/bbl, down 16 cents/bbl from Tuesday’s close of $97.51/bbl.

On ICE Futures, with the March Brent contract expiring at the end of the day, focus had switched to April. This also gained a little ground, rising from around $117.80/bbl before the figures were published to briefly break above $118.00/bbl. At 15:40 GMT, April Brent was trading around $117.50/bbl, down 25 cents/bbl from Tuesday’s close of $117.75/bbl.

Analysts predicted this week’s US stock figures would show a build on crude stocks of about 2.4m bbl, a draw on distillate of around 1.6m bbl and a build on gasoline of around 300,000 bbl.

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

US Stocks

(million bbl)

w/e 08.02.13


 



EIA

Change

API

Change

Crude

372.2

+0.6

369.5

-2.3

Gasoline

233.2

-0.8

232.7

-0.8

Distillate

125.9

-3.7

127.7

-1.1

Heating Oil

21.7

-1.0

22.7

-0.8

Jet Kerosene

38.8

-0.3

39.5

+1.1


By: Tony Dillon
+44 20 8652 3214



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