Crude prices gain on EIA weekly numbers

Crude oil prices reached their highest level since mid-November on Wednesday after the US Energy Information Administration said that crude oil stockpiles in the United States grew by only 600,000 barrels last week, less than expected last week, while gasoline inventories fell by 200,000 barrels down during the same period but that at the same time distillates in storage added 2.4 million barrels to inventories.

West Texas Intermediate crude for June delivery was up $2.50 to $56.34 per barrel on the New York Mercantile exchange, the highest price for a current contract since mid-November, while Brent crude was $2.11 higher to $56.23 per barrel at last report on the ICE Futures Europe exchange in London.

Even though crude oil added less to inventories than expected and gasoline inventories fell, US crude oil stockpiles remained up 49.7 million barrels from last year at the same time while gasoline stockpiles were still half a million barrels higher than during the same week last year.

Base metals prices were higher Wednesday, with copper higher even though inventories in London Metal Exchange warehouses gained for the first time since early last month.

July copper was up 10 cents to $2.19 per pound in New York while three-month copper added $215 to $4,750 per tonne in London despite a gain of 7,225 tonnes in LME-monitored warehouses.

Aluminium was $28 higher to $1.570 per tonne despite inventories that continue at record highs, while lead added $35 to $1,450 per tonne, zinc was up $67 to $1,597 per tonne, nickel was $700 higher to $12,700 per tonne and tin gained $905 to $13,405 per tonne.

Precious metals prices were also up as June gold added $6.70 to $911 per troy ounce in New York while July silver was up 29 cents to $13.71 per troy ounce and July platinum gained $5.20 to $1,143.10 per troy ounce.

Grains prices were also higher as May corn added 2 cents to $4 per bushel on the Chicago Board of Trade while CBOT May wheat was up 6 cents to $5.47 per bushel and May soybeans gained 19 cents to $11.35 per bushel.

Story link: Crude prices gain on EIA weekly numbers