Crude oil, corn hit record highs

Crude oil prices touched a new record high in New York on Wednesday as the US Energy Information Administration reported that crude oil inventories fell unexpectedly last week.

West Texas Intermediate crude for May delivery was $2.35 higher to $110.85 per barrel near the close of floor trade on the New York Mercantile Exchange after going as high as a record $112.21 per barrel, while May contracts for Brent crude added $2.54 to $108.88 per barrel on the ICE Futures Europe exchange in London.

The EIA reported that crude oil stockpiles were down 3.2 million barrels in the week ending 4 April while gasoline stockpiles were 3.4 million barrels lower and distillates inventories fell by 3.7 million barrels during the week.

Nymex gasoline futures for May gained 2 cents to $2.78 per gallon while May heating oil jumped 14 cents to $3.25 per gallon and May natural gas added 35 cents to $10.05 per million British thermal units.

Metals prices followed crude oil higher.

Among precious metals, June gold added $18.50 to $936.50 per troy ounce in New York, while May silver was up 55 cents to $18.26 per troy ounce and July platinum was $15 higher to $2,044.60 per troy ounce.

Base metals prices were also higher.

May copper gained 11 cents to $4 per pound in New York, only 4 cents off its record high, while three-month copper added $190 to $8,730 per tonne in London, less than $100 lower than the London Metal Exchange record price.

Zinc added $22 to $2,372 per tonne while lead was up $63 to $2,958 per tonne, aluminium was $112 higher to $2,100 per tonne, tin gained $250 to $20,650 per tonne, and nickel jumped $475 to $29,350 per tonne.

Among grains, May corn on the Chicago Mercantile Exchange hit a new record when it added 13 cents to $6.05 per bushel after a government report forecast that inventories before harvest will be lower than expected.

CBOT May soybeans were also higher, adding 61 cents to $13.13 per bushel, but wheat dropped 2 cents to $9.32 per bushel.

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