Crude futures steady despite large build in US crude stocks

28 August 2013 16:27  [Source: ICIS news]

LONDON (ICIS)--Crude futures were little changed on Wednesday after the US Energy Information Administration (EIA) published its weekly stock report showing a much larger than expected gain in US crude stocks last week.

Before the report was published, the front-month October ICE Brent contract was trading at around $115.70/bbl, a gain of $1.34/bbl compared to the previous settlement. Shortly after the report was published, the October ICE Brent contract gained just 5 cents to trade at around $115.75/bbl.

Similarly, the front-month October NYMEX WTI contract was trading at around $110.00/bbl, a gain of 99 cents compared to the Tuesday close, and it gained 10 cents shortly after the stock report was issued.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 200,000 bbl, a build on distillate of around 700,000 bbl and a draw on gasoline of around 1.20m bbl.

US stocks

(million bbl)

w/e 23.08.13

 

 

EIA

Change

Crude

362.00

+3.00

Gasoline

217.80

-0.60

Distillate

129.00

-0.30

Heating Oil

17.00

+0.60

Jet Kerosene

37.70

+0.30


By: Kawai Wong
+44 20 8652 3214



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