Tuesday, April 23, 2013

(BN) WTI Crude Trades Near One-Week High; U.S. Stockpiles Seen Rising

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WTI Crude Trades Near One-Week High; U.S. Stockpiles Seen Rising
2013-04-22 23:30:03.208 GMT


(For Bloomberg fair value curves, see CFVL <GO>)

By Ben Sharples
April 23 (Bloomberg) -- West Texas Intermediate crude
traded near the highest price in more than a week. U.S.
stockpiles probably rose to the largest in more than 22 years, a
Bloomberg News survey showed before a government report.
Futures were little changed in New York after climbing a
third day yesterday. U.S. supplies increased by 1.75 million
barrels last week to 389.4 million, the highest since July 1990,
according to the median of nine analyst estimates before a
report from the Energy Information Administration tomorrow.
Global oil markets are in balance and receiving ample crude,
Suhail Mohammed Al Mazrouei, the energy minister of the United
Arab Emirates, said yesterday.
WTI for June delivery was at $89.36 a barrel, up 17 cents,
in electronic trading on the New York Mercantile Exchange at
9:26 a.m. Sydney time. The volume of all contracts traded was 73
percent below the 100-day average. The May future gained 75
cents to $88.76, the highest close since April 12, as it expired
yesterday. Prices are down 2.7 percent this year.
Brent for June settlement climbed 74 cents to $100.39 a
barrel on the London-based ICE Futures Europe exchange
yesterday. The front-month European benchmark grade ended the
session at a premium of $11.20 to WTI futures.
U.S. gasoline stockpiles were probably unchanged last week
while distillate inventories, a category that includes heating
oil and diesel, rose by 400,000 barrels, the Bloomberg survey
showed.
The Organization of Petroleum Exporting Countries, which
plans to meet May 31 to review its production target, is
ensuring that global crude supplies are sufficient, Al Mazrouei
told reporters in Abu Dhabi. The U.A.E.'s governor to OPEC, Ali
Al Yabhouni, said the group's limit of 30 million barrels a day
is adequate for 2013. Both officials spoke at the Middle East
Petroleum and Gas Conference.

For Related News and Information:
U.A.E.'s Al Mazrouei Sees Crude Market as 'Well-Balanced'
NSN MLNSHC1A1I4H <GO>
Top energy, oil stories: ETOP <GO> and OTOP <GO>
News on oil inventories: TNI OIL INV <GO>
News on oil markets: NI OILMARKET <GO>
News on OPEC: NI OPEC <GO>
Oil markets menu: OIL <GO>

--Editors: Paul Gordon, Richard Stubbe

To contact the reporter on this story:
Ben Sharples in Melbourne at +61-3-9228-8732 or
bsharples@bloomberg.net

To contact the editor responsible for this story:
Alexander Kwiatkowski at +65-6212-1329 or
akwiatkowsk2@bloomberg.net

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