London (Platts)--9Apr2009
Global crude futures remained firm Thursday, buoyed by the effect of
bullish US petroleum stocks data, the retreat of the US dollar and higher
equities markets in Asia and Europe.
By 1055 GMT, NYMEX light, sweet crude for May delivery traded up $1.58 at
$50.96/barrel, a few cents off an earlier high of $51.46/b, which had exceeded
the previous day's intraday peak by 16 cents.
ICE Brent crude futures were $1.36/b firmer at $52.95/b, following a high
of $53.48/b--more than recovering from Wednesday night's drop, which erased
most gains scored in a rally earlier that day sparked by bullish inventory
data from the US Department of Energy.
The ICE dollar index fell 0.01 points to 85.11.
In its weekly petroleum inventory report, the US Energy Information
Administration reported a 900,000 barrel draw of crude at Cushing,
Oklahoma, the delivery point for WTI, and an unexpected 3.4 million draw of
distillates stocks.
However, with a further 1.7 million barrel build in total crude stocks to
361.1 million barrels, US crude inventories were 30.66 million barrels above
the five-year average and 34.77 million barrels above the year-ago level.
"The distillate data were quite bullish," a derivatives trader said. "But
we still have dire [economic] data there. I don't think the picture has
changed too much."
With crude stocks at Cushing still remaining at an elevated level, the
contango structure of the WTI futures curve remained supported, despite
cutbacks in OPEC supplies, senior analyst Harry Tchilinguirian at BNP Paribas
said in a research note.
On the product markets, ICE gasoil futures eased in a delayed response to
late Wednesday's retreat of Brent futures, with the new front month May
contract falling $1.75/b to $455.75/b. NYMEX heating oil and RBOB front-month
futures tracked WTI, moving 2.6 cents and 4 cents higher to $1.42/gal and
$1.48/gal, respectively.
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