Crude shows mixed reaction to US stocks data

20 March 2013 15:49  [Source: ICIS news]

LONDON (ICIS)--Crude oil initially rose by around 60 cents/bbl on Wednesday, adding to earlier gains, when this week’s US stock figures showed an unexpected draw on crude, although this was countered slightly by smaller draws on gasoline and distillates than forecast.

With the April NYMEX light sweet crude futures contract expiring at the close of business, attention switched to the May contract. This rose from around $92.65/bbl before the figures from the Energy Information Administration (EIA) were published to around $93.25/bbl, a gain of 73 cents/bbl from Tuesday’s close, but short of the earlier high of $93.50/bbl.

However, they then lost a little ground and at around 14:35 GMT, May NYMEX crude was trading around $92.95/bbl, up 43 cents/bbl from Tuesday’s close of $92.52/bbl.

On ICE Futures, May Brent also gained ground, rising from around $108.40/bbl before the figures were published to almost match the earlier high of $108.60/bbl. At around 14:35 GMT, May Brent was trading around $108.25/bbl, up 80 cents/bbl from Tuesday’s close of $107.45/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 2.0m bbl, a draw on distillate of around 800,000 bbl and a draw on gasoline of around 2.1m bbl.

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


U.S Stocks

(million bbl)

w/e 15.03.13


 



EIA

Change

API

Change

Crude

382.7

-1.3

376.7

-0.4

Gasoline

222.8

-1.5

227.4

+0.3

Distillate

119.8

-0.7

119.1

-1.3

Heating Oil

17.9

-0.2

19.3

-0.8

Jet Kerosene

38.0

-0.6

37.9

+0.4


By: Tony Dillon
+44 20 8652 3214



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