2211 GMT [Dow Jones] COMMODITIES SUMMARY: Crude +3% after IEA said fall in OPEC
output likely to drain global oil stocks in coming months, gasoline hit 8-month
high; BOB gasoline futures, up more than 50% past 2 months, rose as unplanned
outages at U.S. refineries mounted. May Nymex crude +$1.84 at $63.85/bbl, Brent
crude on ICE futures exchange +89 cents at $68.73; May RBOB +3.22 cents or 1.5%
at $2.1909/gallon. Crude rallied early on IEA reports, were boosted late in day
as host of U.S. refinery problems reported, including closure of key
gasoline-producing unit at ConocoPhillips' Wilmington refinery; unit at Total's
Port Arthur, Texas, refinery shut for maintenance a month earlier than planned.
"These reports were enough to rally gasoline - I'm surprised it didn't go a bit
higher. The IEA report highlights the relatively tight shape (of crude
stockpiles) going into the summer driving season," says analyst. NY gold pulled
off early lows with physical buying emerging,
crude rise helping; June Comex gold off $2 at $679.70/oz vs $675.50 low, May
silver off 3.5 cents at $13.855 after falling to $13.695. July platinum off
$1.80 at $1,279.50, June palladium +$4.75 at $374.30. Profit-taking set into
LME copper after recent run with rally looking "tired" and needing short period
of consolidation, says analyst; still, pension fund interest remained,
including from Calpers, with some saying break of $8000 remains in view. Ended
off $149 at $7680/ton bid with zinc off $20, aluminum off $41, nickel down
$575, lead +$5, tin +$100.(RXM)
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