Crude has mixed reaction to US stock figures

27 March 2013 15:15  [Source: ICIS news]

LONDON (ICIS)--Crude oil briefly rose by around 20 cents/bbl on Wednesday, recouping 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 build on crude than expected.

May NYMEX light sweet crude futures rose from around $95.85/bbl before the figures from the Energy Information Administration (EIA) were published to around $96.05/bbl, a loss of 29 cents/bbl from Tuesday’s close, but short of the earlier high of $96.27/bbl.

However, they then lost a little ground and at 14:40 GMT, May NYMEX crude was trading around $95.90/bbl, down 44 cents/bbl from Tuesday’s close of $96.34/bbl.

On ICE Futures, May Brent also gained ground, rising from around $109.20/bbl before the figures were published to around $109.45/bbl. At 14:40 GMT, May Brent was still trading around $109.45/bbl, up 9 cents/bbl from Tuesday’s close of $109.36/bbl.

Analysts predicted this week’s US stock figures would show a build on crude stocks of about 700,000 bbl, a draw on distillate of around 800,000 bbl and a draw on gasoline of around 1.0m bbl.

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

US Stocks

(million bbl)

w/e 22.03.13


 



EIA

Change

API

Change

Crude

385.9

+3.3

380.4

+3.7

Gasoline

221.2

-1.6

225.4

-2.0

Distillate

115.3

-4.5

117.2

-1.9

Heating Oil

16.6

-1.3

18.3

-1.0

Jet Kerosene

38.6

+0.7

38.0

n/c


By: Tony Dillon
+44 20 8652 3214



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