BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



Crude hits record high as US inventories fall

Oil prices soar to record levels as EIA reports a drop in US stock levels.





Updated on 10 Apr 2008 06:58 GMT

Crude oil prices spiked on Wednesday, soaring to record highs following a higher than expected fall in US inventories.

The NYMEX light sweet oil contract for delivery in May jumped to US$112.21, before settling at US$110.87, US$2.37 higher than the previous day.

In London, Brent Crude for May delivery went above US$109 for the first time, reaching a record peak of US109.50 and closing at US$108.47, US$2.13 above the previous day's closing price.

Crude prices shot up on Wednesday as news filtered through that the Energy Information Administration (EIA) had reported lower than expected stocks across the board in the week ending April 4.

Whilst inventories of crude oil dropped by almost 8 million barrels, gasoline stocks slumped by 3.4 million after having fallen by 4.5 million barrels the previous week.

The DoE said on Tuesday that US gasoline consumption for what is traditionally the peak summer driving season had declined for the first time in two decades as Americans curb driving amid sky-high prices at the pump.

04-Apr +/- 28-Mar
Crude 1,666,537 -7,981 1,674,518
Gasoline 221,268 --3,442 224,710
Kerosene 38,510 443 38,067
Distillate Fuel Oil 106,027 -3,693 109,720
Residual Fuel Oil 39,258 -478 39,736


Meanwhile, distillate and residual fuel oil both saw inventory levels fall in the week ending April 4, with distillate fuel oil stocks dropping by 3.69 million barrels and residual by 478,000 barrels.

Speaking about global oil stocks on Tuesday, OPEC President Chakib Khelil said that there was no need to increase crude oil production. At its last meeting in March, OPEC decided to maintain its daily production at 29.67 million barrels.






Related Links:

Crude goes higher after falling over US$1
NYMEX changes margins for Petroeum Swaps Contracts
Heating oil buying has knock-on effect on crude
New York Merchantile Exchange (NYMEX)
IntercontinentalExchange Inc. (ICE)

Latest News:

World Fuel Services claims enhanced client offering with launch of Falmouth jetty
Oil and fuel oil hedging market update
Sing Fuels adds bunker trader in Taiwan
Market increasingly focused on the upcoming US sanctions on Iranian oil
Top Ships' fuel-efficient 'Eco' tanker completes sea trials
Vopak and Maersk to launch 0.5%S bunkering facility in Rotterdam
Dan-Bunkering merges with Australia Bunkering
Oil and fuel oil hedging market update
SHI to build two bunker-saving LNGCs for Celsius Tankers
Oil slightly down on trade war and fears of economic slowdown
VPS issues flash point distillate alert for New York
Viking Line's bunker costs rise 3.6% in H1




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events