Crude oil inventories gain less than expected

The price of crude oil was higher Wednesday after the US Energy Information Administration reported in it’s weekly inventories report that US stockpiles of crude were up less than had been expected after the previous week’s declines.

April contracts for West Texas Intermediate crude added $2.54 to $42.50 per barrel on the New York Mercantile Exchange while Brent crude gained $1.33 to $42.83 per barrel on the ICE Futures Europe exchange in London.

The EIA said that US stockpiles added 700,000 barrels last week to $351.3 million barrels, less than the at least 1 million barrels which were expected to be added to inventories, while distillates inventories added 800,000 barrels but gasoline stockpiles were down by 3.4 million barrels in the week.

Nymex March gasoline futures, however, added 7 cents in afternoon trade to $1.16 per gallon while April heating oil gained 4 cents to $1.24 per gallon, but April natural gas prices were down 15 cents to $4.04 per million British thermal units.

May copper was up 4 cents to $1.54 per pound in New York while three-month copper added $125 to $3,410 per tonne in London while zinc added $24 to $1,135 per tonne in afternoon trade on the London Metal Exchange.

Aluminium was up $16 to $1,345 per tonne, lead added $35 to $1,030 per tonne, tin was $225 higher to $10,750 per tonne, and nickel gained $270 to $10,080 per tonne.

Precious metals prices were mixed as April platinum added $10.40 to $1,055.90 per troy ounce but gold April gold was down $3.30 to $966.20 per troy ounce in New York and May silver dropped 12 cents to $13.91 per troy ounce.

Grains prices were mixed on the Chicago Board of Trade as March wheat and March corn each added 9 cents in afternoon trade, to $5.24 per bushel and $3.63 per bushel respectively, but March soybeans dropped 3 cents to $8.78 per bushel.

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