Crude prices remain negative on US stock data

10 April 2013 16:09  [Source: ICIS news]

LONDON (ICIS)--Crude oil briefly rose by around 30 cents/bbl on Wednesday, recouping earlier losses, when this week’s US stock figures showed a much smaller build on crude than forecast, although this was countered by an unexpected build on gasoline and a smaller-than-forecast draw on distillates.

May NYMEX light sweet crude futures rose from around $93.85/bbl before the figures from the Energy Information Administration (EIA) were published to equal earlier highs of $94.15/bbl, a loss of five cents/bbl from Tuesday’s close

However, they then lost a little ground and at 14:40 GMT, May NYMEX crude was trading around $93.80/bbl, down 40 cents/bbl from Tuesday’s close of $94.20/bbl.

On ICE Futures, May Brent also gained ground, rising from around $105.80/bbl before the figures were published to around $105.95/bbl, but well short of the earlier high of $106.47/bbl. At 14:40 GMT, May Brent was trading around $105.50/bbl, down 73 cents/bbl from Tuesday’s close of $106.23/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 1.4m bbl, a draw on distillate of around 1.3m bbl and a draw on gasoline of around 1.1m bbl.

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


U.S Stocks

(million bbl)

w/e 05.04.13


 



EIA

Change

API

Change

Crude

388.9

+0.3

390.7

+5.1

Gasoline

222.4

+1.7

222.3

+1.9

Distillate

112.8

-0.2

114.1

-1.3

Heating Oil

14.7

-0.4

16.4

n/c

Jet Kerosene

39.7

+0.3

38.7

+0.4


By: Tony Dillon
+44 20 8652 3214



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