Crude falls further on larger US stock build than forecast

06 March 2013 15:50  [Source: ICIS news]

LONDON (ICIS)--Crude oil fell by around 45 cents/bbl on Wednesday, adding to earlier losses, when this week’s US stock figures showed a much larger build on crude than forecast, outweighing a larger-than-expected draw on distillates.

April NYMEX light sweet crude futures fell from around $90.15/bbl before the figures from the Energy Information Administration (EIA) were published to hit a low of $89.71/bbl, a loss of $1.11/bbl from Tuesday’s close.

However, they then regained a little ground and at 15:35 GMT, April NYMEX crude was trading around $89.85/bbl, down 97 cents/bbl from Tuesday’s close of $90.82/bbl.

On ICE Futures, April Brent also lost ground, falling from around $110.75/bbl before the figures were published to hit a low of $110.53/bbl. At 15:35 GMT, April Brent was trading around $110.70/bbl, down 91 cents/bbl from Tuesday’s close of $111.61/bbl.

Analysts predicted this week’s US stock figures would show a build on crude stocks of about 500,000 bbl, a draw on distillate of around 900,000 bbl and a draw on gasoline of around 700,000 bbl.

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

US Stocks

(million bbl)

w/e 01.03.13


 



EIA

Change

API

Change

Crude

381.4

+3.8

379.0

+5.6

Gasoline

227.9

-0.6

230.2

-0.9

Distillate

120.4

-3.8

122.6

-1.7

Heating Oil

18.8

-2.1

20.1

-1.4

Jet Kerosene

39.7

n/c

39.8

-0.2


By: Tony Dillon
+44 20 8652 3214



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