Singapore, 2 December (Argus) — Nymex crude futures weakened in today's after-hours trade as American Petroleum Institute (API) data showed a rise in oil stocks.
At 08:30 GMT the front-month Nymex January WTI crude contract was at $78.17/bl, falling by 20¢/bl from its close yesterday when the contract ended $1.09/bl higher.
The front-month Ice January Brent contract fell by 11¢/bl to $79.24/bl.
Nymex January heating oil fell by 0.57¢/USG to $2.0723/USG, while Nymex January RBOB gasoline fell by 1.32¢/USG to $2.0291/USG.
The API report released yesterday showed a rise of 2.89mn bl in crude stocks in the week to 27 November, injecting a bearish tone into the market. Distillates stocks rose by 1.1mn bl, while gasoline stocks were higher by 3.4mn bl.
The market will look to see if the US EIA weekly inventory report, released later today, confirms this trend.
Send comments to feedback@argusmedia.com
naa/rjd
Request more information about Argus' energy news, data and analysis services.
Copyright 2009 Argus Media Ltd
