Brent weakens on stock build expectations

03 April 2013 15:09  [Source: ICIS news]

LONDON (ICIS)--ICE Brent fell by more than $1.00/bbl on Wednesday, amid expectations of a build in US crude oil stocks.

By 12:50 GMT, the front-month May ICE Brent contract touched an intra-day low at $109.58/bbl, a loss of $1.11/bbl compared with the previous settlement. The contract then edged higher to trade around $109.75/bbl.

At the same time, the front-month May NYMEX WTI contract was trading around $96.70/bbl, having touched an intra-day low at $96.51/bbl, a loss of 68 cents/bbl compared with the previous close.

Prices were under pressure on Wednesday, because of expectations that US crude oil stocks would be shown to have increased in the week to 29 March.

The American Petroleum Institute (API) released its stock report late on Tuesday, indicating crude stocks increased by 4.70m barrels to 385.10m barrels.

The official weekly stock report, published by the US Energy Information Administration (EIA), will be released later on Wednesday.

By: Kawai Wong
+44 20 8652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly