EIA reports gasoline inventories higher last week

Crude oil prices were lower in New York after the US Energy Information Administration reported that inventories of crude oil, gasoline and distillates were all higher last week in the United States and after the Federal Reserve announced more moves, including plans to purchase $300 billion in long-term Treasury bonds, to help right the economy.

The EIA said that gasoline stockpiles were up by 3.2 million barrels last week, defying expectations that inventories would decrease by 2.1 million barrels last week, while rude inventories were up 2 million barrels, about as expected, and distillates stockpiles were up by 100,000 barrels during the week, less than had been anticipated.

April contracts for West Texas Intermediate crude were down $1.02 to $48.14 per barrel at the close of floor trade on the New York Mercantile Exchange, while Nymex April gasoline futures dropped 6 cents to $1.37 per gallon.

Metals prices fell on the session.

April gold was $27.70 lower to $889.10 per troy ounce while May silver was down 72 cents to $11.95 per troy ounce, April platinum fell $9.40 to $1,038.10 per troy ounce and June palladium was down to $194.10 per troy ounce.

Meanwhile, May copper was down 1 cent to $1.72 per pound in New York and three-month copper was $53 lower to $3,747 per tonne in London after London Metal Exchange inventories added 625 tonnes on the session.

Most grains prices were lower on the Chicago Board of Trade as May corn dropped 2 cents to $3.88 per bushel and May wheat was down 22 cents to $5.30 per bushel but May soybeans added 2 cents to $9.15 per bushel.

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