May Crude Oil closed up 1.07 at 49.44. This was 1.06 up from the low and 0.10 off the high.
May Heating Oil closed up 2.41 at 154.42. This was 2.33 up from the low and 0.40 off the high.
May RBOB Gasoline finished up 3.49 at 167.13, 0.40 off the high and 4.12 up from the low.
May Natural Gas finished up 0.04 at 3.22, 0.04 off the high and 0.06 up from the low.
After a subdued start, crude oil and the products found strong upside momentum and ended up posting sizable gains for Wednesday’s trading session. The latest EIA crude oil stocks reading showed an increase of 867,000 barrels which resulted in another new all-time high, but was well below trade estimates for a 1.4 million barrel build. With the summer driving season on the horizon, this is leading some traders and analysts to feel that US crude oil supply may be closing in on a near-term top. In addition, news that there was stronger compliance with the Oil Producers Agreement has raised expectations in some quarters that the agreement will be extended in June. Both gasoline and distillates had stocks declines that were larger than trade expectations that in turn provided RBOB and heating oil prices with an additional source of support. Natural gas prices found more modest support, but that was good enough to reach a new 7-week high. Lower US production continues to provide underlying support for natural gas which has been able to overcome the impending end of the North American heating season.