Crude prices mixed as June Nymex contracts expire

Crude oil prices for June contracts were higher in afternoon trade in New York Tuesday on predictions that US inventories reports from the Energy Information Administration will show that oil and gasoline stockpiles fell last week.

Analysts expect that tomorrow’s weekly US inventory report from the Energy Information Administration will show that crude oil stockpiles fell by 1.5 million barrels last week, while gasoline inventories probably dropped by 1.7 million barrels but distillates probably added 1.3 million barrels to stockpiles.

West Texas Intermediate crude for June delivery was up 30 cents to $59.33 per barrel at nearly 1 p.m. on the New York Mercantile Exchange but a bit earlier, at just before noon in New York, with June contracts expiring at the end of the trading day and with a government report showing that new housing starts were at their lowest level in 50 years in April, July contracts had dropped 12 cents to $59.48 per barrel.

Meanwhile, at last report Brent crude was down 72 cents to $57.75 per barrel on the ICE Futures Europe exchange in London.

Nymex June gasoline futures were up nearly 2 cents to $1.78 per gallon in afternoon trade while June heating oil was up less than a cent to $1.48 per gallon and July natural gas was 21 cents lower to $4.06 per million British thermal units.

Precious metals prices were up on the weaker dollar as June gold added $5.30 to $927 per troy ounce in New York trade, while July silver was up 30 cents to $14.13 per troy ounce.

Platinum was also higher, up 90 cents to $1,138.50 per troy ounce in morning trade in New York, on hopes that demand in Asia, especially for hope in jewelry manufacture, will make up for lack of demand in the United States.

Meanwhile palladium which, like platinum, is also used in jewelry making and the manufacture of pollution control devices, added $3.80 to $233.80 per troy ounce in morning trade.

Among base metals, copper also saw gains early on the weaker dollar and on declines in London Metal Exchange inventories, but by afternoon trade July contracts for the metal used in construction and manufacturing was fractionally lower to $2.07 per pound in New York.

Grains prices were mixed in afternoon trade, with July corn on the Chicago Board of Trade up 2 cents to $4.24 per bushel while CBOT July soybeans had added 13 cents to $11.60 per bushel, but July wheat dropped 1 cent to $5.88 per bushel.

Story link: Crude prices mixed as June Nymex contracts expire