NYMEX-Crude dips ahead of expected soft GDP data

Thu Apr 28, 2011 8:26am EDT

 * Lower North Sea cargoes limit oil losses
 * Expectations for slowed U.S. growth data weighs on oil
 * Coming up: EIA natgas data, 10:30 a.m. EDT Thursday
 NEW YORK, April 28 (Reuters) - U.S. crude oil futures slipped in choppy
trading on Thursday, pulling back from a fresh peak above $113 a barrel
ahead of economic data expected to show slower growth in the United States
last quarter.
 A sliding dollar and signs of lower North Sea supplies had supported
prices earlier.
 Crude futures continue to find support from strong U.S. gasoline
futures RBc1 after Wednesday's report from the Energy Information
Administration showed gasoline inventories fell for the 10th week in a row
last week, dropping to their lowest level since August 2009. [EIA/S]
 FUNDAMENTALS
 * On the New York Mercantile Exchange, June crude CLM1 dipped 12
cents, or 0.1 percent to $112.64 a barrel by 8:17 a.m. EDT (1217 GMT),
trading from $112.36 to $113.70.
 * Two cargoes of Forties crude oil due to load in May have been dropped
from the export program because of production problems, traders said.
[ID:nWLA9142]
 * Marathon Oil Corp (MRO.N) said it was beginning to bring units back
online following a planned turnaround at its 78,000 barrel per day Canton,
Ohio, refinery. [ID:nWNBB9411]
 * U.S. economic growth likely braked sharply in the first quarter as
higher food and gasoline prices crimped consumer spending. [ID:nN27171497]
 * Output of Upper Zakum crude from the Abu Dhabi National Oil Company
(ADNOC) in the United Arab Emirates will fall in late April and May by as
much as 40 percent because of a partial field outage, traders said.
[ID:nL3E7FS1I0]
 * Syrian security forces have killed at least 500 civilians in a
crackdown of a "peaceful democratic uprising", Syrian human rights
organization Sawasiah said. [ID:nLDE73R0OE]
 * Russia's Prime Minister Vladimir Putin ordered an increase the export
duty on oil products from May 1, adding that companies would be compensated
with a lower mineral extraction or excise tax. [ID:nLDE73R19M]
 * The United States threw a financial lifeline to rebels controlling
eastern Libya while forces loyal to Muammar Gaddafi harried insurgent
strongholds in the west and far southeast of the country. [ID:nLDE73Q2D8]
 * Yemen's opposition warned the government that violence against street
protesters demanding the removal of President Ali Abdullah Saleh could
derail a deal aimed at ending the political standoff. [ID:nLDE73R0FR]
 MARKETS NEWS
 * The dollar slid to three-year lows, helping U.S. crude oil tap a
2-1/2 year high, and stocks rose worldwide on bets after the Federal
Reserve's downbeat statements Wednesday that ultra-loose U.S. policy will
continue driving money into riskier assets. [MKTS/GLOB]
 *Gold prices hit record highs after the Fed signaled continued
accommodation as the dollar's three-year low against a basket of major
currencies attracted non-U.S. investors. [GOL/]
 UPCOMING DATA/EVENTS
 * At 8:30 a.m. EDT (1230 GMT) the advance U.S. first quarter gross
domestic product is expected to be up at an annualized 2 percent rate,
below the fourth quarter's 3.1 percent growth rate.
 * U.S. jobless claims data released at 8:30 a.m. EDT (1230 GMT) on
Thursday.
 * U.S. Energy Information Administration natural gas storage is due at
10:30 a.m. EDT (1430 GMT) on Thursday.
 * NYMEX May RBOB gasoline and heating oil contracts expire on Friday.
8:17     LAST     NET    PCT     LOW    HIGH  CURRENT  DAY AGO
              CHNG   CHNG                      VOL      VOL
CLc1   112.64   -0.12  -0.1%  112.36  113.70   30,521  234,441
CLc2   113.16   -0.12  -0.1%  112.90  114.21    4,709   62,523
LCOc1  124.93   -0.20  -0.2%  124.67  125.90   42,267  209,507
RBc1   3.4323  0.0129   0.4%  3.4290  3.4580      794   36,523
RBc2   3.3686  0.0104   0.3%  3.3600  3.3900    4,918   57,020
HOc1   3.2310 -0.0024  -0.1%  3.2274   3.255      503   27,214
HOc2   3.2458 -0.0023  -0.1%  3.2419  3.2700    3,099   47,805
 * NYMEX crude oil for June CLc1 fell 12 cents to $112.64 a barrel by
8:17 a.m. in volume of 30,521 lots.
 (Reporting by Robert Gibbons; Editing by John Picinich)


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