Crude prices surge on inventories report

Crude oil prices touched a new record high in New York on Wednesday as the US Energy Information Administration reported that crude oil inventories fell unexpectedly last week.

West Texas Intermediate crude for May delivery was $2.35 higher to $110.85 per barrel near the close of floor trade on the New York Mercantile Exchange after going as high as a record $112.21 per barrel, while May contracts for Brent crude added $2.54 to $108.88 per barrel on the ICE Futures Europe exchange in London.

The EIA reported that crude oil stockpiles were down 3.2 million barrels in the week ending 4 April, surprising analysts who had expected inventories to rise.

Gasoline stockpiles were 3.4 million barrels lower while distillates inventories fell by 3.7 million barrels during the week.

Refiners were reported to have been running at 83.1 percent of capacity, well below the average for the time of year.

Nymex gasoline futures for May gained 2 cents to $2.78 per gallon while May heating oil jumped 14 cents to $3.25 per gallon and May natural gas added 35 cents to $10.05 per million British thermal units.