US unleaded gasoline futures rose in electronic trade on Tuesday on expectations of record demand this year, and helped to pull up the entire energy complex, brokers said.
As well as forecasts of healthy demand for gasoline, a Reuters survey of analysts predicted motor fuel stocks to drop in the week to March 19 when the US government Energy Information Administration (EIA) releases its fuel supply report on Wednesday.
NYMEX April gasoline climbed 0.35 percent, or 0.39 cents to $1.1330 a gallon, while NYMEX light crude for May delivery gained 0.19 percent, or seven cents to $37.12 a barrel.
May crude became the front month after April's expiry at the close of business on Monday. Brokers said trade was relatively thin with 1,349 contracts changing hands in May by 0201 GMT. The contract ended 57 cents down at $37.05 on Monday.
London's May Brent crude gained five cents to $32.85 a barrel following Monday's 1.4 percent slide.
"It's a gasoline-led market," said Shun Maruyama, an oil analyst at UFJ Institute Ltd in Tokyo.
The EIA said on Monday that US gasoline demand was expected to set a record in 2004, with an extra 100,000 barrels per day (bpd) to be consumed during the peak summer driving season, which traditionally begins in late May.
In a Reuters survey, eight analysts expected this week's EIA report to show a decline of 1.4 million barrels. The poll predicted US crude inventories to rise by 2.25 million barrels and for distillate stocks to fall by 1.1 million barrels. NYMEX April heating oil gained 0.08 cent to 91.45 cents a gallon. On Monday, it settled 2.51 cents or 2.7 percent lower at 91.37 cents a gallon.
On the Tokyo Commodity Exchange (TOCOM), energy futures followed Monday's losses on the New York Mercantile Exchange.
TOCOM October gasoline traded 80 yen lower at 30,350 yen/kl, while October kerosene was down 130 yen at 29,960 yen/kl.
October gas oil was at 28,960 yen/kl, down 140 yen.