LONDON, April 28: Oil prices rose here on Wednesday after the latest snapshot of US inventories revealed a surprise shortage in gasoline stocks. The price of benchmark Brent North Sea crude oil for June delivery jumped 45 cents per barrel to $34.73 in late trading here.
New York's reference light sweet crude June contract climbed 31 cents to $37.84 in early deals. A survey from the US Department of Energy (DoE) said gasoline, or petrol, stocks rose by 900,000 barrels in the US to 200 million in the week to April 23.
The American Petroleum Institute (API), a private trade association, reported a fall of 2.4 million barrels to 194.80 million. Analysts' consensus was for a rise of 1.8 million barrels.
Traders are worried about a shortage of gasoline supplies as Americans prepare to take to the open roads for their summer vacations. "There are major concerns about gasoline and it is going to be the focus of the market for weeks," Investec analyst Bruce Evers said.
"Gasoline stocks are very tight and I think there are going to be big problems this summer," he added. A view shared by Commerzbank analyst David Thomas who said:
"I think the market will take its direction from gasoline because there are still concerns about inventory levels heading towards the driving season." The DoE meanwhile said crude oil stocks rose by 3.2 million barrels to 298.80 million in the week to April 23, while the API reported a fall of 760,000 million barrels to 298.83 million. Analysts' consensus was for a rise of two million barrels. -AFP
