Crude oil trades little changed
Wednesday, 31 March 2010
NEW YORK, March 30 (Bloomberg): Oil traded little changed before a US government report forecast to show that crude inventories increased while gasoline stockpiles fell.
The Energy Department report tomorrow may show that US inventories of gasoline dropped 2 million barrels last week, and that crude supplies rose 2.5 million barrels, according to a Bloomberg survey. Employers in the world's biggest energy consumer probably added jobs this month for the second time in more than two years, according to economists surveyed before an April 2 report.
"We see a gradual tightening of the market, and I think that will continue with the improvement in the global economy," said Thina Saltvedt, a commodities analyst at Nordea Bank AB in Oslo. "Gasoline stocks are coming back down to normal levels, which will be interesting as we get into the driving season."
Crude for May delivery was at $82.18 a barrel, 1 cent higher on the New York Mercantile Exchange as of 11:25 a.m. London time. Brent crude for May settlement was 5 cents lower at $81.12 on the London-based ICE Futures Europe exchange.
Prices in New York pared earlier gains of as much as 0.7 per cent as the dollar recovered versus the euro, dimming the appeal of commodities for hedging against inflation.
The Energy Department report tomorrow may show that US inventories of gasoline dropped 2 million barrels last week, and that crude supplies rose 2.5 million barrels, according to a Bloomberg survey. Employers in the world's biggest energy consumer probably added jobs this month for the second time in more than two years, according to economists surveyed before an April 2 report.
"We see a gradual tightening of the market, and I think that will continue with the improvement in the global economy," said Thina Saltvedt, a commodities analyst at Nordea Bank AB in Oslo. "Gasoline stocks are coming back down to normal levels, which will be interesting as we get into the driving season."
Crude for May delivery was at $82.18 a barrel, 1 cent higher on the New York Mercantile Exchange as of 11:25 a.m. London time. Brent crude for May settlement was 5 cents lower at $81.12 on the London-based ICE Futures Europe exchange.
Prices in New York pared earlier gains of as much as 0.7 per cent as the dollar recovered versus the euro, dimming the appeal of commodities for hedging against inflation.