Crude prices ease back on US stock build

13 March 2013 15:23  [Source: ICIS news]

LONDON (ICIS)--Crude oil fell by around 25 cents/bbl on Wednesday, eroding earlier gains, when this week’s US stock figures showed a slightly larger build on crude than forecast and an unexpected small build on distillates, although these were countered by a larger-than-expected draw on gasoline.

April NYMEX light sweet crude futures fell from around $93.15/bbl before the figures from the Energy Information Administration (EIA) were published to around $92.90/bbl, a gain of 36 cents/bbl from Tuesday’s close

However, they then regained a little ground and at 14:35 GMT, April NYMEX crude was trading around $93.00/bbl, up 46 cents/bbl from Tuesday’s close of $92.54/bbl.

On ICE Futures, April Brent also lost ground, falling from around $109.65/bbl before the figures were published to around $109.45/bbl. At 14:35 GMT, April Brent was still trading around $109.45/bbl, down 20 cents/bbl from Tuesday’s close of $109.65/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 2.3m bbl, a draw on distillate of around 1.8m bbl and a draw on gasoline of around 1.2m bbl.

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


U.S Stocks

(million bbl)

w/e 08.03.13


 



EIA

Change

API

Change

Crude

384.0

+2.6

377.6

-1.4

Gasoline

224.3

-3.6

227.1

-3.1

Distillate

120.4

+0.1

120.4

-2.2

Heating Oil

18.1

-0.7

20.1

-0.1

Jet Kerosene

38.5

-1.2

37.5

-2.3


By: Tony Dillon
+44 20 8652 3214



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