API reports large US gasoline stock build but a draw in crude stocks

London (Quantum Commodity Intelligence) - US gasoline stocks grew by 5.56 million barrels in the week to April 9, but crude stocks drew 3.6 million barrels and distillate stocks drew 3 million barrels, according to media reports of the American Petroleum Institute late Tuesday.

May RBOB gasoline futures has ticked higher in electronic trading on Nymex on Wednesday morning following yesterday's tight range.

The contract opened at $1.972/gal ($689.9/mt) and was last trading at $1.983/gal ($693.77/mt) on Nymex.

After trading above its 20-day moving average of $60.46/bbl on Tuesday, front month WTI has also ticked higher Wednesday morning, opening at $60.44/bbl and trading between a low of $60.38/b and a high of $61.13/b on NYMEX.

The more influential US Energy Information Administration weekly oil statistics are published later today.