Crude oil and gasoline rose to records after the Energy Department reported unexpected declines in U.S. crude inventories and refinery operating rates. The price of brent type crude climbed to 112.55 US$/bbl, which is a new record in the price. Oil supplies dropped 2.36 million barrels to 313.7 million in the week ended April 11, according to the Energy Department from yesterday. Gasoline stocks fell for a fifth week and refineries operated at their lowest rate since October 2005.
Our view:In our view investors are increasingly turning to the commodity market supported by weak dollar and seasonally strong demand for fuel products. The start of the driving season will keep the prices on these high levels in the coming weeks, which is in the first place supportive for upstream-exposed companies like Petrom, (47 EUR, 1,78%) and (22 295 HUF, -0,04%).