Energy Complex Rebounds

Updated from 12:43 p.m. EST

Oil futures finished strong on Wednesday after the Energy Information Administration released new crude and fuel inventory figures that showed a larger-than-expected draw from gasoline stores.

The April contract for light, sweet crude oil was up 33 cents to close at a two-month high of $61.79 a barrel at the New York Mercantile Exchange. Gasoline climbed 3 cents to $1.84 a gallon, and heating oil finished the day flat at $1.78 a gallon.

Natural gas slid 23 cents to $7.30 per million British thermal units during the trading session. Inventory figures for natural gas will come out on Thursday.

The new inventory estimates were mostly in line with analyst estimates, according to Bill O'Grady, assistant director of market analysis for A.G. Edwards.

Crude inventories grew by 1.4 million barrels during the week ended Feb. 23. Bank of America analysts were anticipating an increase of 3.1 million barrels, but the consensus was around 2 million. Gasoline inventories fell by 1.9 million barrels, while analysts had expected only an 800,000 barrel decline.

Distillate inventories fell by 3.8 million barrels, which was in line with analyst estimates.

Crude oil and gasoline inventories remain above the average range for this time of year, according to the EIA inventory report.

The activity at the Nymex followed a volatile trading session on Tuesday during which crude oil traversed a 70-cent range in less than 15 minutes and the Dow Jones Industrial Average fell by more than 400 points.

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