NYMEX-Crude rebounds on Goldman forecast, dollar
* Goldman Sachs lifts Brent price forecasts for 2011, 2012
* Dollar softens as euro off 2-month low on German data
* Coming up: API oil data at 4:30 p.m. EDT on Tuesday
NEW YORK, May 24 (Reuters) - U.S. crude futures rebounded nearly 2 percent on Tuesday after Goldman Sachs lifted its price forecast on Brent crude, the dollar weakened and economic data showed rising sales of U.S. single-family homes.
Trading was choppy, with gains pared around midday after after front-month July contract CLN1 hit a session high of $100.09 a barrel, which provoked some profit-taking.
June RBOB gasoline futures RBM1 also lent some support to crude futures, rising above $3 a gallon early, then paring gains on news that Irving Oil of Canada had restarted a gasoline unit, which was shut down earlier this week. The shutdown had lifted June gasoline initially on Monday.
Traders were refocusing on weekly inventory data, forecast to show that domestic crude stocks fell 1.3 million barrels last week, a Reuters poll of analysts showed. [EIA/S]
Distillate stocks were forecast up 100,000 barrels and gasoline supplies up 300,000 barrels, the poll showed.
The Commodity Futures Trading Commission said it charged oil trader Arcadia and Parnon Energy and two of their senior traders in a civil complaint with artificially driving up crude oil prices three years ago, netting illegal gains of more than $50 million. [ID:nN24273712]
* On the New York Mercantile Exchange, July crude settled at $99.59 a barrel, gaining $1.89. or 1.93 percent after trading between $96.61 to $100.09.
* Goldman Sachs (GS.N) raised its year-end target for Brent to $120 per barrel from $105, and its 2012 forecast to $140 from $120, saying it expects fuel demand growth will sap global supply and strain OPEC's spare oil output capacity. [ID:nL3E7GO153]
* Goldman's rival Morgan Stanley also made a bullish call on Brent crude, raising its 2011 forecast for the crude grade to $120 a barrel, from $100 previously. For 2012, Morgan Stanley put a target of $130 on Brent, from $105 previously. [ID:nL3E7GO054]
* U.S. retail gasoline demand fell 3 percent in the week to May 20 compared with the same period a year ago while demand fell 1.4 percent compared with the previous week's level, a weekly report by MasterCard Advisors' SpendingPulse showed. [ID:nN24275452]
* Sales of newly built U.S. single-family home sales rose for a second straight month in April and supply was the lowest in a year, but an overhand of previously owned houses on the market coulod hobble recovery. [pID:NN24237107]
* St. Louis Federal Reserve Bank President James Bullard said the U.S. economy is poised for steady improvement despite the possibility it could be thrown off course by shocks, including financial instability stemming from sovereign debt crises in Europe. [ID:nWEN3580]
* Top Libyan oil official Shokri Ghanem has not defected, contrary to widespread reports, and is secretly working for Muammar Gaddafi to maintain ties with big oil companies, sources at western firms said. [ID:nLDE74N0UN]
* The United States announced new sanctions on Venezuela's state oil company PDVSA and six other smaller oil and shipping companies for engaging in trade with Iran in violation of a U.S. ban. [ID:nWAT015132]
* Jet fuel traders are on alert for flight disruptions after an ash cloud from an Icelandic volcano reached air space over parts of Britain and Ireland on Tuesday, knocking the fuel's prices lower. [ID:nLDE74N02E] [ID:nLDE74N13K]
* An explosion at an Iranian oil refinery during a visit by President Mahmoud Ahmadinejad killed two people and injured 12, the Mehr news agency said. [ID:nLDE74N04S]
* U.S. equities slipped as a rebound in commodity prices failed to offset lingering concerns about a slowdown in manufacturing growth. [.N]
* The euro pulled away from a two-month low against the dollar after better-than-expected German business sentiment data, but euro-zone debt worries persisted [USD/]
* Gold rose to its highest in about three weeks as concerns about a spreading EU debt crisis fueled safe-haven buying and the euro's gains versus the dollar added support. [GOL/]
* Copper recovered from the previous session's 3 percent dive, hbut worries about Europe's sovereigh debt problems and Chinese demand was seen limiting any near-term rally. [MET/L]
* U.S. Energy Information Administration weekly oil inventory data released at 10:30 a.m. EDT (1430 GMT) on Wednesday.
SETTLE NET PCT LOW HIGH CURRENT DAY AGO
CHNG CHNG VOL VOL CLc1 99.59 1.89 1.9% 96.61 100.09 321,349 296,828 CLc2 100.06 1.92 2.0% 97.13 100.54 60,720 50,132 LCOc1 112.53 2.43 2.2% 109.50 112.65 184,832 191,503 RBc1 2.9928 0.0547 1.9% 2.9185 3.0256 21,722 35,479 RBc2 2.9580 0.0521 1.8% 2.8833 2.9850 46,990 40,873 HOc1 2.9097 0.0626 2.2% 2.8279 2.9176 16,401 26,578 HOc2 2.9213 0.0616 2.2% 2.8401 2.9300 40,581 46,384 TOTAL MARKET VOLUME OPEN INTEREST
CURRENT May 23 30D AVG May 23 NET CHNG CRUDE 522,360 491,529 685,610 1,534,010 -4,380 RBOB 110,075 113,370 155,361 271,018 -2,135 HO 81,729 106,712 122,494 316,011 1,110 (Reporting by Gene Ramos and Robert Gibbons; Editing by David Gregorio)
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