WTI sets all-time, closing record highs

Crude oil prices reached a new record high in New York on Wednesday.

West Texas Intermediate crude for May delivery closed up $1.14 to $114.93 per barrel, a new record end-of session price on the New York Mercantile Exchange, after rising as high as $115.07 per barrel during the day to a new record high, while June contracts for Brent crude added $1.02 to $112.60 per barrel on the ICE Futures Europe exchange in London.

Nymex May gasoline futures were up 5 cents to $2.93 per gallon while June heating oil added 7 cents to $3.23 per gallon and June natural gas gained 4 cents to $10.33 per million British thermal units.

Prices were supported by global demand and summer supply worries despite recent declines in US demand for gasoline.

Also driving prices higher were declines in US inventories as reported by the US Energy Information Administration, which said that crude oil inventories dropped by 2.3 million barrels in the week ending 11 April while gasoline stockpiles were down 5.5 million barrels, both much bigger declines than expected.

Conversely, distillates stockpiles added 100,000 barrels last week in the face of an expected decline.

The price of oil, along with a record low for the US dollar versus the euro, drove metals prices higher.

June gold was up $16.40 to $948.40 per troy ounce while May silver was 48 cents higher to $18.33 per troy ounce and July platinum gained $50.90 to $2,037.30.

July copper added 9 cents to $3.95 per pound in New York after going as high as $4.01 per pound, while three-month copper gained $256 to $8,686 per tonne on the London Metal Exchange.

Grains prices were mixed on the Chicago Board of Trade, where May wheat was 28 cents higher to $9.24 per bushel but May corn fell 2 cents to $6.03 per bushel and May soybeans dropped 35 cents to $13.44 per bushel.

Story link: WTI sets all-time, closing record highs