NYMEX-Crude rebounds on weak dollar, Wall St bounce

Tue Apr 19, 2011 4:30pm EDT

 * Strong data from France, Germany lifts euro vs dollar
 * OPEC sees no shortage of oil in global market
 * POLL: U.S. crude stocks up, gasoline down
 * Coming up: API oil inventory data, 4:30 p.m. EDT Tuesday
 NEW YORK, April 19 (Reuters) - U.S. crude oil futures
rebounded almost 1 percent on Tuesday, aided by a weaker
dollar, a bounce on Wall Street and technical support.
 Prices bounced after Treasury Secretary Timothy Geithner
said there was "no risk" the United States would lose its AAA
credit rating, remarks considered supportive following sharp
losses on Monday after ratings agency Standard & Poors issued a
revised negative credit outlook for the United States.
[ID:nN18195555]
 Traders await weekly inventory data, which is forecast to
show in a Reuters poll that domestic crude inventories rose
last week by 1.1 million barrels. [EIA/S]
 Gasoline stockpiles fell 1.5 million barrels and distillate
supplies were unchanged from the previous week's level, the
poll also showed.
 FUNDAMENTALS
 * On the New York Mercantile Exchange, May crude CLK1,
which expired at the close, settled at $108.15 a barrel, up
$1.03, or 0.96 percent, after trading from $105.50 to $108.45.
 * The day's low held above last week's low of $105.31,
providing a technical lift for the contract.
 * In London, ICE Brent crude for June delivery LCOM1
settled at $121.33 a barrel, down 28 cents, or 0.23 percent, on
demand worries, after trading from $119.03 to $122.29. A weaker
dollar attracted some buyers, helping limit the day's losses.
 * Brent's premium against the U.S. June contract CLM1
narrowed to $13.05, from $13.92 at the close on Monday.
CL-LCO1=R
 * OPEC Secretary General Abdullah Al-Badri said there was
no shortage of oil in the global market. [ID:nPOM923543]
 * Iran said an increase in crude output would not help
bring down global oil prices, a day after other OPEC members
said costly oil was hurting fragile consumer economies.
[ID:nPOM926808]
 * Britain said it would send military officers to advise
Libyan rebels to improve organization and communications, but
would not arm or train them to fight.[ID:nLDE73I1A7]
 * Yemeni police opened fire on protesters in Sanaa and
Taiz, killing at least three people, as anti-government
protests raged to end President Ali Abdullah's 32-year rule
escalated. [ID:nLDE73I1BU]
 * Japan is shipping its first oil products since the March
earthquake, weighing on premiums for the fuel. [ID:nL3E7FJ0OL]
 * U.S. housing starts and permits for future home building
rebounded strongly in March, government data showed.
[ID:nB19276760]
 MARKETS NEWS
 * The euro rebounded against the dollar on strong economic
data from France and Germany overshadowing fears that Greece
may have to restructure its debt. [USD/]
 * Encouraging results in health care and materials
companies lifted Wall Street, but weak earnings from Goldman
Sachs limited gains. [.N]
 * U.S. gold futures hit a record high above $1,500 an ounce
and silver surged as the dollar weakened. [GOL/]
 * Copper rose close to 1 percent, clawing back some ground
after six straight days of losses, helped by a weaker dollar and the strong U.S. housing data. [MET/]
 UPCOMING DATA/EVENTS
 * U.S. Energy Information Administration weekly oil
inventory data, 8:30 a.m. EDT (1230 GMT), Wednesday.
    SETTLE     NET    PCT     LOW    HIGH  CURRENT  DAY AGO
              CHNG   CHNG                      VOL      VOL
CLc1   108.15    1.03   1.0%  105.50  108.45   31,488  138,178
CLc2   108.28    0.59   0.6%  106.01  109.10  307,419  288,280
LCOc1  121.33   -0.28  -0.2%  119.03  122.29  218,522  158,605
RBc1   3.2331 -0.0197  -0.6%  3.1979  3.2591   26,741   35,964
RBc2   3.1993 -0.0191  -0.6%  3.1615  3.2246   40,563   36,524
HOc1   3.1585 -0.0243  -0.8%  3.1197  3.1891   33,060   34,459
HOc2   3.1725 -0.0227  -0.7%  3.1325  3.2042   46,450   34,571
TOTAL MARKET            VOLUME                 OPEN  INTEREST
          CURRENT    Apr 18   30D AVG     Apr 18  NET CHNG
CRUDE        514,680   574,331   657,750  1,545,215     7,807
RBOB         107,474   104,601   111,511    294,593    -4,373
HO           116,213    97,265   118,195    311,201     1,747
 (Reporting by Gene Ramos and Robert Gibbons;editing by Sofina
Mirza-Reid)


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