Crude pares gains on US stock data

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

LONDON (ICIS)--Crude oil prices fell by around 30 cents/bbl (23 euro cents/bbl) on Wednesday, eroding earlier gains, despite this week’s US stock figures showing smaller builds on crude and distillates than forecast, plus a much larger draw on gasoline than expected.

June NYMEX light sweet crude futures fell from around $90.30/bbl before the figures from the Energy Information Administration (EIA) were published to around $90.00/bbl, a gain of 82 cents/bbl from Tuesday’s close, but down from the earlier high of $90.47/bbl.

However, they then regained a little ground and at 14:40 GMT, June NYMEX crude was trading around $90.05/bbl, up 87 cents/bbl from Tuesday’s close of $89.18/bbl.

On ICE Futures, June Brent also lost ground, falling from around $101.05/bbl before the figures were published to around $100.70/bbl. At 14:40 GMT, June Brent was trading around $100.75/bbl, up 44 cents/bbl from Tuesday’s close of $100.31/bbl, but again down from the earlier high of $101.23.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 1.5m bbl, a build on distillate of around 300,000 bbl, but a draw on gasoline of around 200,000 bbl.

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


U.S Stocks

(million bbl)

w/e 19.04.13


 



EIA

Change

API

Change

Crude

388.6

+0.9

383.2

-0.8

Gasoline

217.8

-3.9

219.9

-2.7

Distillate

115.3

+0.1

116.0

+0.7

Heating Oil

15.7

-0.2

15.9

-0.3

Jet Kerosene

39.9

-1.1

39.5

-0.9


By: Tony Dillon
+44 20 8652 3214



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