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Kamis, 28 April 2011

Oil Rises a Second Day After U.S. Fuel Stockpiles Fall More Than Forecast - Bloomberg

Oil climbed for a second day in New York after a government report showed gasoline stockpiles in the U.S. declined more than analysts estimated to the lowest since August 2009.

Futures advanced from the highest settlement in more than two weeks after the Energy Department said gasoline inventories fell 2.51 million barrels to 205.6 million, declining for the 10th week. Supplies were projected to drop 1 million barrels last week, according to analysts surveyed by Bloomberg News.

“Gasoline supplies are definitely on the light side,” said Kyle Cooper, director of research for IAF Advisors in Houston. “With gasoline supplies falling and prices climbing, refiners can pay more for oil. They are going to pay more to take delivery of extra barrels of crude because they know they will make money processing it into gasoline.”

Crude oil for June delivery gained as much as 64 cents, or 0.6 percent, to $113.40 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $113.24 at 8:51 a.m. Sydney time. Yesterday, it climbed 55 cents, or 0.5 percent, to $112.76, the highest since April 8.

Brent oil for June settlement increased 99 cents, or 0.8 percent, to end the session at $125.13 a barrel on the London- based ICE Futures Europe exchange yesterday. It was the highest close since April 8.
Brent Premium

The European crude benchmark traded at a premium of $12.37 a barrel to U.S. futures yesterday. The difference between front-month contracts in London and New York surged to a record $19.54 on Feb. 21. The spread averaged 76 cents last year.

Oil also climbed after the Federal Reserve renewed its pledge to stimulate growth with low interest rates and said a pickup in inflation is likely to be temporary. The Fed announcement bolstered equities and sent the dollar lower.

The Energy Department report showed U.S. stockpiles of distillate fuel, a category that includes heating oil and diesel, declined 1.81 million barrels to 146.5 million last week. Crude supplies in the world’s largest oil-consuming nation climbed 6.16 million barrels, the report showed.

Oil has advanced 24 percent in New York this year. Unrest in the Middle East and North Africa has toppled leaders in Egypt and Tunisia and spread to Libya, Algeria, Bahrain, Iran, Oman, Syria and Yemen.

To contact the reporters on this story: Mark Shenk in New York
Posted by Saham Pilihan at 08.17

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