In meinen Augen schlimmer als 0,5% ZE
DALLAS (CBS.MW) -- Oil futures jumped more than 70 cents at Wednesday's close after the Energy Department and the American Petroleum Institute reported significant declines in gasoline inventories for the week ended May 7, and one report showed a fall in crude stocks, bucking expectations.
Crude futures closed at a 13-year high of $40.77, up 71 cents, on the New York Mercantile Exchange after reaching an intraday high of $40.92.
The API said gasoline stocks fell by 1.6 million barrels and the Energy Department reported a 1.5 million barrel decline. June gasoline soared by 5.12 cents to close an at all-time high of $1.373 per gallon, and June heating oil climbed 2.34 cents to close at $1.0392 per gallon.
John Person, who writes the Bottom Line market newsletter, predicted that crude would eclipse $41.15 this week, while gasoline could test $1.38 on the latest supply news.
The Energy Department reported a 1.1 million barrel increase in crude supplies, while the API said crude stocks fell by 2.1 million barrels. Distillate inventories, according to the API, were up 968,000 barrels, while the Energy Department reported a build of 300,000 barrels.
"This is pouring salt into an open wound," said Phil Flynn, senior market analyst at Alaron.com. Flynn believes $40 is the new norm. "We really needed to see gasoline build substantially to get oil below $40. What this report confirmed is that this is really a demand-driven rally, and we should see prices continue to rise."
Crude closed above $40 per barrel Tuesday for the first time in over 13 years as expectations for U.S. gasoline demand and production concerns outweighed the impact of Saudi Arabia's call for an increase in OPEC output.
"With crude's incredible rally in light of OPEC's promises of production increases, we are seeing a pivotal shift in the crude base price," said Kevin Kerr, editor of the newsletter Kwest Market Edge. "Forty dollars is now a floor to build from.
"Today's supply data is critical either way," Kerr said. "If the report comes in showing a build in supplies in line with expectations and the market continues to rally we will be in a full-blown bull market. If supplies come in showing a draw of any amount we could see prices spike much higher in the front months."
Kerr and Person said they've heard reports of $3 a gallon for retail gasoline in California.
"We think this is going to become more common as we proceed into summer," Kerr said. "Many analysts peg the average gas price this summer at around $2.07. We feel this is conservative and that the average will be more like $2.20-$2.40 in many states."
The market expected crude oil and gasoline inventories to rise as much as 3 million barrels. Traders also predicted a 1 to 2 million barrel build in distillate supplies.
|
Thread abonnieren
