Crude recoups a little lost ground on large US stock draw

11 December 2013 15:55  [Source: ICIS news]

LONDON (ICIS)--Crude oil rose by around 45 cents/bbl on Wednesday, recouping earlier losses, when this week’s US figures showed a massive draw on crude stocks, although this was tempered slightly by much larger builds on gasoline and distillates than forecast.

January NYMEX light sweet crude futures rose from around $97.80/bbl before the figures from the Energy Information Administration (EIA) were published to around $98.25/bbl, a loss of 26 cents/bbl from Tuesday’s close, but above the earlier low of $97.66/bbl.

However, they then lost a little ground and at 15:35 GMT, January NYMEX crude was trading around $98.15/bbl, down 36 cents/bbl from Tuesday’s close of $98.51/bbl.

On ICE Futures, January Brent also gained a little ground, rising from around $109.10/bbl before the figures were published to around $109.20/bbl. At 15:35 GMT, January Brent was trading around $109.00/bbl, down 38 cents/bbl from Tuesday’s close of $109.38/bbl, but above the earlier low of $108.62/bbl.

Analysts predicted this week’s US stock figures would show a draw on crude stocks of about 3.0m bbl, a build on distillate of around 900,000 bbl and a build on gasoline of around 1.8m bbl.

US Stocks (million bbl)

w/e 06.11.13

 

 

EIA

Change

Crude

375.2

-10.6

Crude at Cushing

41.2

+0.6

Gasoline

219.1

+6.7

Distillate

118.1

+4.5

Heating Oil

19.2

-0.5

Jet Kerosene

36.6

+0.3


By: Tony Dillon
+44 20 8652 3214



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