US stocks fail to halt crude price slide

17 April 2013 16:37  [Source: ICIS news]

LONDON (ICIS)--Crude oil prices fell by around 55 cents/bbl (0.42/bbl) on Wednesday, adding to earlier losses, despite an unexpected draw on crude indicated in US stock figures this week.

The drawdown on stocks was countered by a large build on distillates, rather than the draw that had been forecast.

May NYMEX light sweet crude futures fell from around $87.80/bbl before the figures from the Energy Information Administration (EIA) were published to around $87.25/bbl, a loss of $1.47/bbl from Tuesday’s close, but above the earlier low of $87.15/bbl.

However, they then regained a little ground, and May NYMEX crude was trading around $87.30/bbl by 14:45 GMT, down $1.42/bbl from Tuesday’s close of $88.72/bbl.

On ICE Futures, June Brent also lost ground, falling from around $98.80/bbl before the figures were published to hit a low of $98.20/bbl. At 14:45 GMT, June Brent was trading around $98.25/bbl, down $1.66/bbl from Tuesday’s close of $99.91/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 1.3m bbl, a draw on distillate of around 500,000 bbl and a draw on gasoline of around 500,000 bbl.

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


U.S Stocks

(million bbl)

w/e 12.04.13


 



EIA

Change

API

Change

Crude

387.6

-1.2

384.1

-6.7

Gasoline

221.7

-0.6

222.6

+0.3

Distillate

115.2

+2.4

115.4

+1.3

Heating Oil

15.9

+1.2

16.2

-0.2

Jet Kerosene

41.0

+1.2

40.4

+1.7


($1 = €0.76)


By: Tony Dillon
+44 20 8652 3214



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