Big Gasoline Build Offset Crude Drawdown

07 Décembre, 2017, 01:05 | Auteur: Auguste Feret
  • REUTERS

However, gasoline stocks rose 6.8 million bbl, more than triple expectations.

Traders said prices fell after an American Petroleum Institute (API) report late on Tuesday that showed a 9.2 million barrel rise in gasoline stocks in the week ended December 1, and an increase of 4.3 million barrels in distillate inventories, which include motor diesel and heating oil.

January WTI crude oil settled at $57.62, up $0.15 or +0.26% and February Brent crude oil closed at $62.86, up $0.41 or +0.66%. MCX Crude oil futures are also down 1.56% to trade at Rs 3666 per barrel.

Crude inventories fell 5.6 million barrels (bbl) in the week to December 1, compared with analysts' expectations for a decrease of 3.4 million bbl. Inventories at Cushing probably slid by 2.4 million barrels, a separate forecast compiled by Bloomberg showed.

Despite this, some analysts said they expected refining margins to remain healthy into 2018.

US gasoline stocks rose by 6.8 million barrels and distillate inventories were up 1.7 million barrels, government data showed, both exceeding expectations in a Reuters poll.

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Distillate inventories, too, saw a build this week, up 4.259 million barrels, against a forecast of a 548,000-barrel build.

Refiners "actually beat demand with [gasoline] production at a near record 9.758 million barrels a day, compared to daily demand of 8.895 million barrels a day last week", said Phil Flynn, senior market analyst at Price Futures Group.

US output rose in September to 9.5 million barrels per day (bpd), the highest monthly output since 2015, the EIA said last week.

"The sentiment-driven support to crude oil prices has somewhat dissipated as market participants look beyond last week's OPEC meeting", said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.

Meanwhile, one of the world's best-known oil traders, Pierre Andurand, who runs a big hedge fund specializing in black gold, Andurand Capital, says rising demand will again be a factor.

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