Crude falls further on US stock build

01 May 2013 16:10  [Source: ICIS news]

LONDON (ICIS)--Crude oil fell by around 65 cents/bbl on Wednesday, adding to earlier losses, when this week’s US stock figures showed a massive build on crude stocks.

The build was even larger than that shown in Tuesday’s figures from the American Petroleum Institute (API).

June NYMEX light sweet crude futures fell from around $91.00/bbl before the figures from the Energy Information Administration (EIA) were published to hit a low of $90.34/bbl, a loss of $3.15/bbl from Tuesday’s close

However, they then regained a little ground, with June NYMEX crude trading around $90.55/bbl at 14:45 GMT, down $2.91/bbl from Tuesday’s close of $93.46/bbl.

On ICE Futures, June Brent also lost ground, falling from around $99.70/bbl before the figures were published to hit a low of $99.14/bbl. As of 14:45 GMT, June Brent was trading around $99.35/bbl, down $3.02/bbl from Tuesday’s close of $102.37/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 1m bbl, a build on distillate of around 300,000 bbl, and a draw on gasoline of around 900,000 bbl.

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


U.S Stocks

(million bbl)

w/e 26.04.13


 



EIA

Change

API

Change

Crude

395.3

+6.7

388.4

+5.2

Gasoline

216.0

-1.8

217.1

-2.7

Distillate

115.8

+0.5

114.9

-1.1

Heating Oil

16.0

+0.3

15.7

-0.2

Jet Kerosene

40.0

+0.1

39.8

+0.3


By: Tony Dillon
+44 20 8652 3214



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