Crude, grains prices gain; metals mixed

In afternoon trade on Wednesday crude oil prices were higher after the US Energy Information Administration reported that while crude oil inventories were higher last week, gasoline stockpiles dropped more than expected.

May West Texas Intermediate contracts had added $2.82 to $103.80 per barrel on the New York Mercantile Exchange, while Brent crude for May delivery was $1.63 higher to $101.80 per barrel on the ICE Futures Europe exchange in London.

At the same time, Nymex May gasoline was up 6 cents to $2.70 per gallon while May heating oil was 2 cents higher to $2.90 per gallon and May natural gas gained 11 cents to $9.83 per million British thermal units.

According to the EIA, crude oil inventories grew by 7.4 million barrels last week, while gasoline stockpiles dropped by 4.5 million barrels and distillates in storage were down by 1.6 million barrels.

Demand for gasoline was up 1 percent last week, also according to the EIA, but some analysts believe that those figures are not accurate based on conversations with suppliers and explain declines in inventories on low refinery usage, which was at 82.4 percent of capacity last week.

Metals prices were mixed.

June gold added $11.70 to $899.50 per troy ounce in New York, while May silver gained 30 cents to $17.19 per troy ounce and July platinum was $26.80 higher to $1,964.60 per troy ounce, but in mid-morning trade June palladium was down $13.50 in mid-morning trade to $435.10 per troy ounce.

Among base metals, May copper added 7 cents to $3.88 per pound in New York while three-month copper on the London Metal Exchange was up $215 to $8,515 per tonne.

Lead, zinc, and tin prices also climbed in London, but aluminium and nickel prices were lower.

Grains prices were higher, with May corn on the Chicago Board of Trade 11 cents higher to $5.95 per bushel while CBOT May soybeans were up 33 cents to $12.44 per bushel and May wheat gained 42 cents to $9.37 per bushel.

Story link: Crude, grains prices gain; metals mixed