Crude shows mixed reaction to US stock figures

27 February 2013 16:10  [Source: ICIS news]

LONDON (ICIS)--Crude oil prices showed mixed reactions following US stock figures this week that revealed a below-forecast build on crude and a larger draw on gasoline than forecast, but an unexpected build on distillates.

April NYMEX light sweet crude futures rose from around $92.85/bbl before the figures from the Energy Information Administration (EIA) were published to just below $93.00/bbl, but a little short earlier highs of  $93.08/bbl, representing a gain of 45 cents/bbl from Tuesday’s close

However, they then lost a little ground, and at 15:40 GMT, April NYMEX crude was trading around $92.90/bbl, up 27 cents/bbl from Tuesday’s close of $92.63/bbl.

On ICE Futures, April Brent lost ground, falling from around $113.00/bbl before the figures were published to around $112.70/bbl. At 15:40GMT, April Brent was trading around $112.75/bbl, up just 4 cents/bbl from Tuesday’s close of $112.71/bbl, but well above the earlier lows of $112.48/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 2.4m bbl, a draw on distillate of around 1.4m bbl and a draw on gasoline of around 900,000 bbl.

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


U.S Stocks

(million bbl)

w/e 22.02.13


 



EIA

Change

API

Change

Crude

377.5

+1.1

373.4

+0.9

Gasoline

228.5

-1.9

231.2

-1.4

Distillate

124.2

+0.6

124.3

-1.7

Heating Oil

20.9

n/c

21.5

-0.4

Jet Kerosene

39.8

+0.3

39.6

-0.3




By: Tony Dillon
+44 20 8652 3214



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