Gasoline inventories lower in latest figures

Crude oil prices were lower in the US on Wednesday after an announcement by Iranian Preisdent Mahmoud Ahmadinejad that the 15 British sailors his country has held on charges that they had entered Iranian waters will be released. Prices were also helped by crude oil inventories which added 4.3 million barrels to 332.7 million barrels during the week ending March 30.

May contracts for West Texas Intermediate crude were 60 cents lower to $64.04 at midday on the New York Mercantile Exchange, continuing a decline that saw the price drop $1.30 by the close on Tuesday. However, in late trade on the Intercontinental Exchange in London, Brent crude for May delivery had added 10 cents to $67.91 per barrel.

On the other hand, gasoline stockpiles were down by 5 million barrels over the week, to 205.2 million barrels, sending inventories to the lower half of average for this time of year. In consequence of the fall in gasoline inventories, gasoline futures were 4.39 cents higher to $2.0616 per gallon, up 30 percent so far this year.

Distillates inventories held steady at 118 million barrels, but heating oil futures still added 1.16 cents during the day to $1.8503 per gallon. Natural gas prices were also higher, gaining 6.5 cents to $7.491 per 1,000 cubic feet.

Base metals prices were higher on Wednesday. Three-month nickel hit another record high when it reached $49,550 per tonne during the session and added almost $1,000 on the day. Cash prices have already breached the $50,000 per tonne level.

Lead also set a record, adding $50 to $2,010 per tonne as it went past the $2,000 level for the first time.

Three-month copper gained $175 on the session, to $7,410 late in the day on the London Metal Exchange. The gain of 2 percent sent copper prices up a total of 8 percent in the past three trading days.

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