NYMEX Oil Complex Higher as API Report Causes Surge in Crack Spreads

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NYMEX Oil Complex Higher as API Report Causes Surge in Crack Spreads

March 10, 2010 8:11:AM ET

By John Troland

Houston, TX March 10, 2010 8:11 AM ET
The April NYMEX crude, RBOB gasoline and heating oil contracts are all called to open above Tuesday's settles. The expected higher opening is due to a surge in the crack spreads after the API inventory data for the week ending March 5 revealed solid declines in gasoline and distillate fuel supplies and an increase in crude supplies.
Yesterday afternoon the API inventory estimates revealed a build in crude stockpiles of 6.5 million barrels, about 4.5 million barrels.......

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