Crude falls again after US stocks show larger build than forecast

21 October 2013 16:24  [Source: ICIS news]

LONDON (ICIS)--Crude oil fell by around 35 cents/bbl on Monday, adding to earlier losses, when the delayed US stock figures showed a larger build on crude than forecast, although this was somewhat countered by an unexpected draw on gasoline.

November NYMEX light sweet crude futures fell from around $100.10/bbl before the figures from the Energy Information Administration (EIA) were published to around $99.75/bbl, a loss of $1.06/bbl from Friday’s close, but above the earlier low of $99.45/bbl.

However, they then regained a little ground and at 14:40 GMT, November NYMEX crude was trading around $99.85/bbl, down 96 cents/bbl from Friday’s close of $100.81/bbl.

On ICE Futures, December Brent also lost ground, falling from around $109.90/bbl before the figures were published to around $109.60/bbl. At 14:40 GMT, December Brent was trading around $109.65/bbl, down 29 cents/bbl from Friday’s close of $109.94/bbl.

Analysts predicted US stock figures would show a build on crude stocks of about 2.2m bbl, a draw on distillate of around 1.6m bbl and a build on gasoline of around 100,000 bbl.

US Stocks (million bbl)

w/e 11.10.13

 
 

EIA

Change

Crude

374.5

+4.0

Gasoline

217.3

-2.6

Distillate

124.2

-1.8

Heating Oil

18.6

+0.1


By: Tony Dillon
+44 20 8652 3214



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