Crude extends losses on larger than expected US stock build

03 April 2013 16:04  [Source: ICIS news]

LONDON (ICIS)--Crude oil fell by around 40 cents/bbl on Wednesday, adding to earlier losses, when this week’s US stock figures showed a larger build on crude than forecast, despite both gasoline and distillates showing larger draws than expected.

May NYMEX light sweet crude futures fell from around $96.45/bbl before the figures from the Energy Information Administration (EIA) were published to hit a low of $96.08/bbl, a loss of $1.11/bbl from Tuesday’s close.

However, they then regained a little ground and at 14:40 GMT, May NYMEX crude was trading around $96.25/bbl, down 94 cents/bbl from Tuesday’s close of $97.19/bbl.

On ICE Futures, May Brent also lost ground, falling from around $109.65/bbl before the figures were published to hit a low of $109.10/bbl. At 14:40 GMT, May Brent was trading around $109.20/bbl, down $1.49/bbl from Tuesday’s close of $110.69/bbl.

Analysts predicted this week’s US stock figures would show a build on crude stocks of about 2.3m bbl, a draw on distillate of around 400,000 bbl and a draw on gasoline of around 100,000 bbl.

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

US Stocks

(million bbl)

w/e 29.03.13


 



EIA

Change

API

Change

Crude

388.6

+2.7

385.1

+4.7

Gasoline

220.7

-0.6

220.3

-5.0

Distillate

113.0

-2.3

115.4

-1.8

Heating Oil

15.0

-1.6

16.3

-1.9

Jet Kerosene

39.4

+0.8

38.3

+0.3



By: Tony Dillon
+44 20 8652 3214



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