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World oil prices jump on tumbling US gasoline stocks
By Julie Charpentrat
AFP
NEW YORK
Petroleumworld.com 03 30 06Oil prices jumped to their highest levels in almost two month as a sharp drop in US gasoline (petrol) inventories underscored concerns about a potential supply crunch in the coming months.
New York's main contract, light sweet crude for delivery in May, rallied 38 cents to close at 66.45 dollars per barrel, the highest close since February 1.
In London, the price of Brent North Sea crude for May delivery added 58 cents to 65.55 dollars per barrel in closing trade.
Government data showed US crude oil inventories rebounded over the past week but supplies of gasoline showed a steep decline even as refiners shift to motor supplies for the US summer holiday season.
The Department of Energy reported crude oil reserves rose 2.1 million barrels to 340.7 million barrels in the week to March 24
Motor gasoline stocks fell by 5.4 million barrels over the week to 216.2 million barrels, the DoE said.
Although crude oil supplies appear strong, the market is concerned about a pinch in gasoline inventories in the runup to the US summer driving season, the period of highest demand.
"No doubt the report is really bullish," said Phil Flynn, analyst at Alaron trading. "It plays into our deepest fears about supply disruptions and about the switch-over to gasoline mixed with ethanol."
Part of the problem with US motor fuel supplies is a change in environmental rules that requires refiners to drop the additive MTBE and replace it with grain alcohol, or ethanol. It remains unclear how prepared refiners are for this change.
This adds to longstanding geopolitical concerns.
Tuesday's spike in crude prices had occurred after Nigerian separatist rebels said the release of three kidnapped oil workers was in no way a signal of the end to their violent campaign.
The hostages, two Americans and a Briton were freed Monday after being held for more than a month.
Nigeria, the biggest producer of crude oil in Africa, has seen output cut by more than 20 percent as a result of attacks on oil installations in the Niger Delta.
Regarding Iran, the market is concerned that possible sanctions against the world's fourth biggest producer of crude, as punishment for its disputed nuclear program, might lead the country to disrupt its oil exports.
Supporting crude futures also was persistent violence in Iraq, another major exporter of oil.
AFP 29 03 06 2057 GMTCopyright © 1994-2006 Agence France-Presse. All Rights Reserved.
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