EIA: crude stockpiles add 2.5 million barrels last week

Crude oil prices rose in New York Wednesday after the US Energy Information Administration reported that crude oil stockpiles rose again last week, adding 2.5 million barrels to inventories, while gasoline stockpiles dropped by 1 million barrels and distillates gained 800,000 barrels over the week.

Despite the higher levels of crude in storage, September contracts for West Texas Intermediate crude had added $1.21 to $70.66 per barrel at just before 2 p.m. local time on the New York Mercantile Exchange.

In morning trade in New York, Nymex September gasoline futures were up a cent to $2.05 per gallon and September heating oil traded about even at $1.91 per gallon, but September contracts for natural gas dropped a cent to $3.54 per million British thermal units.

December gold was down $4.90 to $952.50 per troy ounce at the close of floor trade in New York as the US dollar weakened, while September silver added 24 cents to $14.59 per troy ounce during the day.

October platinum was down 70 cents to $1,244.40 per troy ounce while palladium, which like platinum is used in the manufacture of pollution control devices for motor vehicles, also declined with September contracts down $1.80 to $273.35 per troy ounce.

Meanwhile, among base metals, September copper added 9 cents to $2.82 per pound in New York trade.

Grains prices were mixed in afternoon trade in Chicago as September wheat and September corn each added 4 cents, to $4.90 per bushel and $3.30 per bushel respectively, but August soybeans were a cent lower to $12.15 per bushel.

Story link: EIA: crude stockpiles add 2.5 million barrels last week