Corrected: Crude futures extend gains on massive draw in US crude stocks

10 July 2013 16:37  [Source: ICIS news]

Correction: In the ICIS story headlined "Crude futures extend gains on massive draw in US crude stocks" dated 10 July 2013, please read in the first paragraph ... much larger-than-expected draw ... instead of ... much larger-than-expected build. ... A corrected story follows.

LONDON (ICIS)--Crude futures extended gains on Wednesday after the US Energy Information Administration published its weekly stock report showing a much larger-than-expected draw in US crude oil stocks last week.

Before the report was published at 14:20 GMT, the front-month August NYMEX WTI contract was trading around $105.00/bbl and it gained 50 cents/bbl 20 minutes later, or 10 minutes after the report was published.

Similarly, the August ICE Brent contract was trading around $107.90/bbl, before the report was issued and it gained 35 cents/bbl to trade around $108.25/bbl, 10 minutes after the report was published.

Analysts’ predictions for this week’s US stock figures were that they would show a draw on crude stocks of about 3.10m bbl, a build on distillate of around 700,000 bbl and a build on gasoline of around 600,000 bbl.

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

 

U.S Stocks

(million bbl)

w/e 05.07.13

 

 

 

 

EIA

Change

API

Change

Crude

373.90

-9.90

373.70

-9.00

Gasoline

221.00

-2.60

219.60

-3.50

Distillate

123.80

+3.00

122.40

+2.80

Heating Oil

15.30

-0.30

15.60

-0.20

Jet Kerosene

39.30

-0.60

40.00

+0.70

 


By: Kawai Wong
+44 20 8652 3214



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