Crude prices gain after EIA report

Crude oil prices were up slightly Wednesday after US crude oil inventories were reported up last week.

The US Energy Information Administration said that crude oil stockpiles were up 9.4 million barrels in the week ending 15 August and distillates stockpiles gained 500,000 barrels but gasoline inventories were down 6.2 million barrels, more than twice the expected decline.

September contracts for West Texas Intermediate crude, which expired at the end of floor trade today, were up 94 cents to $115.47 per barrel on the New York Mercantile Exchange.

Earlier in the day, Nymex September gasoline added 3 cents to $2.89 per gallon while October heating oil was up 4 cents to $3.15 per gallon and October natural gas gained 2 cents to $8.10 per million British thermal units.

Metals prices were mixed.

December copper dropped 3 cents to $3.40 per pound in afternoon trade in New York while three-month copper was down $65 to $7,510 per tonne on the London Metal Exchange as demand from China continued to be weak.

Aluminium was $15 lower to $2,762 per tonne while lead also fell, droppoing $60 to $1,740 per tonne.

Zinc added $4 on the session while nickel was up $505 to $19,900 per tonne and tin gained more than $700 to trade around $20,500/$20,505 at the close.

Among precious metals, December gold was $1.80 lower to $185 per troy ounce while December silver dropped 10 cents to $13.12 per troy ounce but October platinum added $17.60 to $1,368.90 per troy ounce.

Grains prices were higher on the day.

September wheat on the Chicago Board of Trade was up 23 cents to $8.69 per bushel after spot supplies sold at a $2 discount to CBOT prices, raising the possibility of increased demand.

Meanwhile, corn and soybeans were higher on concerns that late planting in the US Midwest due to floods earlier in the year and lack of rain since planting could limit crop yields and quality.

CBOT December corn was 11 cents higher to $5.96 per bushel while November soybeans gained 25 cents to $13.01 per bushel.

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