Crude prices rise on US stock draws

03 July 2013 16:49  [Source: ICIS news]

LONDON (ICIS)--Crude oil rose by around 60 cents/bbl on Wednesday, adding to earlier gains, when this week’s US stock figures showed a massive draw on crude stocks as well as unexpected draws on both gasoline and distillates.

August NYMEX light sweet crude futures rose from around $101.35/bbl before the figures from the Energy Information Administration (EIA) were published to around $101.95/bbl, a gain of $2.35/bbl from Tuesday’s close, but short of the earlier high of $102.18/bbl.

However, they then lost a little ground and at 14:35 GMT, August NYMEX crude was trading around $101.60/bbl, up $2.00/bbl from Tuesday’s close of $99.60/bbl.

On ICE Futures, August Brent also gained ground, rising from around $105.30/bbl before the figures were published to hit a high of $105.76/bbl. At 14:35 GMT, August Brent was trading around $105.60/bbl, up $1.60/bbl from Tuesday’s close of $104.00/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a draw on crude stocks of about 2.3m bbl, a build on distillate of around 1.2m bbl and a build on gasoline of around 600,000 bbl.

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


US stocks

(million bbl)

w/e 28.06.13


 



EIA

Change

API

Change

Crude

383.8

-10.3

382.6

-9.4

Gasoline

223.7

-1.7

223.1

-0.2

Distillate

120.8

-2.4

119.6

-2.2

Heating oil

15.6

+0.7

15.9

+0.1

Jet kerosene

39.8

-0.4

39.4

-0.5


By: Tony Dillon
+44 20 8652 3214



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