Singapore, 9 December (Argus) — Nymex crude futures firmed in today's after-hours trade as American Petroleum Institute (API) weekly data show a large decline in crude stocks.
At 07:30 GMT the front-month Nymex January WTI crude contract was at $73.05/bl, higher by 43¢/bl from its close yesterday when the contract ended $1.31/bl lower.
The front-month Ice January Brent crude contract rose by 31¢/bl to $75.50/bl.
Nymex January heating oil rose by 0.45¢/USG to $1.9954/USG, while Nymex January RBOB gasoline rose by 1.37¢/USG to $1.9383/USG.
The API report, released yesterday, showed US crude stocks falling by 5.8mn bl for the week to 4 December because of high refinery production. The API report also showed gasoline stocks lower by 753,000 bl but distillates inventories rose by 1mn bl.
But the market's bullish tone will be tempered unless US EIA inventory data, to be released later today, shows a similarly large decline.
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