Mixed crude reaction to US stock data

30 October 2013 15:20  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures initially rose by around 30 cents/bbl on Wednesday, recouping a little of earlier losses, when this week’s US stock figures showed larger-than-forecast draws on both distillates and gasoline.

However, the uptrend proved short-lived as crude stocks showed a larger build than forecast, including yet another build at the Cushing, Oklahoma delivery hub for West Texas Intermediate (WTI).

December NYMEX light sweet crude futures rose from around $97.15/bbl before the figures from the Energy Information Administration (EIA) were published to around $97.45/bbl, a loss of 75 cents/bbl from Tuesday’s close.

However, they then lost ground and at 14:45 GMT, December NYMEX crude was trading around $97.15/bbl, down $1.05/bbl from Tuesday’s close of $98.20/bbl.

On ICE Futures, December Brent also gained ground, rising from around $109.15/bbl before the figures were published to around $109.55/bbl. At 14:45 GMT, December Brent was trading around $109.35/bbl, up 34 cents/bbl from Tuesday’s close of $109.01/bbl.

Analysts’ predictions for this week’s US stock figures were that they would show a build on crude stocks of about 2.2m bbl, a draw on distillate of around 300,000 bbl and a draw on gasoline of around 100,000 bbl.


U.S Stocks

(million bbl)

w/e 25.10.13



EIA

Change

Crude

383.9

+4.1

Crude at Cushing

35.5

+2.2

Gasoline

213.8

-1.7

Distillate

122.7

-3.1

Heating Oil

18.8

-1.0

Jet Kerosene

 

 


By: Tony Dillon
+44 20 8652 3214



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