US crude stock build adds further downward pressure on prices

23 October 2013 16:08  [Source: ICIS news]

LONDON (ICIS)--Crude oil fell by around 35 cents/bbl on Wednesday, adding to earlier losses, when this week’s US stock figures showed a larger build on crude than expected, including another build at the Cushing, Oklahoma delivery hub.

However, this was countered slightly by an unexpected draw on gasoline stocks.

December NYMEX light sweet crude futures fell from around $96.50/bbl before the figures from the Energy Information Administration (EIA) were published to equal the earlier low of $96.16/bbl, a loss of $2.14/bbl from Tuesday’s close.

However, they then regained a little ground and at 14:40 GMT, December NYMEX crude was trading around $96.40/bbl, down $1.90/bbl from Tuesday’s close of $98.30/bbl.

On ICE Futures, December Brent also lost ground, falling from around $108.80/bbl before the figures were published to hit a low of $108.50/bbl. At 14:40 GMT, December Brent was trading around $108.75/bbl, down $1.22/bbl from Tuesday’s close of $109.97/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 2.9m bbl, a draw on distillate of around 1.8m bbl and a build on gasoline of around 300,000 bbl.


U.S Stocks

(million bbl)

w/e 18.10.13



EIA

Change

Crude

379.8

+5.2

Crude at Cushing

33.3

+0.4

Gasoline

215.5

-1.8

Distillate

125.8

+1.5

Heating Oil

19.7

+1.1

Jet Kerosene

40.7

+0.2


By: Tony Dillon
+44 20 8652 3214



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