Crude recovers after 40-cent fall on high stock build
21 February 2008 16:04 [Source: ICIS news]
LONDON (ICIS news)--The crude oil markets quickly recoved after falling by about 40 cents on Thursday when this week’s US stock figures from the Energy Information Administration (EIA) showed a larger than expected build on crude stocks.
April NYMEX light sweet crude futures fell from around $98.50 before the figures were published to hit a low of $98.10/bbl, a loss of $1.60 from Wednesday’s close of $99.70.
However, it then regained ground on the back of a much larger than anticipated distillate draw and at 15:40 GMT, April NYMEX crude was trading around $99.30, down 40 cents from Wednesday’s close.
On ICE Futures, April Brent also lost ground, falling from around $97.30 before the figures were published to hit a low of $96.86. At 15:40 GMT, April Brent was trading around $97.75, down 67 cents from Wednesday’s close of $98.42.
Analysts’ predictions for this week’s US stock figures were that they would show builds on crude stocks of about 2.3m bbl and on gasoline of around 1.1m bbl, but a draw on distillates of around 1.7m bbl.
The EIA natural Gas stock figures, which were published at the same time, showed a draw of 172bn cubic feet, almost spot on forecasts of a draw of around 174bcf.
|
US stocks(million bbl) |
w/e 15.2.08 |
|
|
|
|
EIA |
Change |
API |
Change |
|
Crude |
305.3 |
+4.2 |
309.0 |
+5.5 |
|
Gasoline |
230.3 |
+1.1 |
222.8 |
-3.0 |
|
RFG |
0.9 |
-0.2 |
0.9 |
-0.2 |
|
Distillate |
122.5 |
-4.5 |
123.0 |
-5.8 |
|
Heating oil |
35.2 |
-1.5 |
34.4 |
-3.7 |
|
Kerosene |
39.8 |
-1.3 |
40.8 |
-1.0 |
Sources: EIA,
American Petroleum InstituteICIS Copyright © Reed Business Information 2009
Author: Tony Dillon+44 20 8652 3214
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