Crude prices recoup a little ground on US product draws

21 February 2013 16:36  [Source: ICIS news]

LONDON (ICIS)--Crude oil gained around 30 cents/bbl on Thursday, recouping a little of the earlier losses, when this week’s US stock figures showed much larger draws on both gasoline and distillates than forecast, although these were countered by a larger-than-expected build on crude.

April NYMEX light sweet crude futures rose from around $93.00/bbl before the figures from the Energy Information Administration (EIA) were published to around $93.30/bbl, a loss of $1.92/bbl from Wednesday’s close, but above the earlier low of $92.63/bbl.

However, it then lost a little ground and at 16:10 GMT, April NYMEX crude was trading around $93.05/bbl, down $2.17/bbl from Wednesday’s close of $95.22/bbl.

On ICE Futures, April Brent also gained ground, rising from around $113.80bbl before the figures were published to around $114.30/bbl. At 16:10 GMT, April Brent was trading around $114.00/bbl, down $1.60/bbl from Wednesday’s close of $115.60/bbl.

Analysts predicted this week’s US stock figures would show a build on crude stocks of about 1.8m bbl, a draw on distillate of around 1.6m bbl and a draw on gasoline of around 700,000 bbl.

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

Earlier on Thursday, the EIA issued its weekly natural gas stock figures which showed a draw of 127 billion cubic feet (BCF) compared to forecasts of a draw of around 122 BCF.

US Stocks

(million bbl)

w/e 15.02.13


 



EIA

Change

API

Change

Crude

376.4

+4.1

372.5

+3.0

Gasoline

230.4

-2.9

232.6

-0.1

Distillate

123.6

-2.3

126.1

-1.6

Heating Oil

21.0

-0.8

21.8

-0.8

Jet Kerosene

39.5

+0.7

39.9

+0.4


By: Tony Dillon
+44 20 8652 3214



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