NYMEX-Crude jumps, ends at 5-wk high on dollar, eyes data

Tue Sep 13, 2011 4:28pm EDT

 * POLL: U.S. crude stocks seen down 3.1 mln bbls
 * Dollar falls, improves commodities risk sentiment
 * Coming up: API oil data 4:30 p.m. EDT, Tuesday
 NEW YORK, Sept 13 (Reuters) - U.S. crude oil futures rose
on Tuesday, ending at the highest level in five weeks as the
dollar weakened and forecasters called for weekly data to show
a drawdown in crude stocks.
 Traders shrugged off a lower oil demand growth forecast
from the Paris-based International Energy Agency.
 Ahead of weekly inventory reports, a Reuters poll of
analysts forecast that domestic crude stocks fell 3.1 million
barrels in the week to Sept. 9. [EIA/S]
 Analysts traced the drawdown to production disruptions in
the Gulf of Mexico, source of about a third of U.S. crude oil
output, due to Tropical Storm Lee.
 Gasoline stocks were forecast down 500,000 barrels and
distillate stocks, which include heating oil and diesel fuel,
were projected up 700,000 barrels.
 Refinery utilization was forecast down 0.8 percentage
point.
 FUNDAMENTALS
 * On the New York Mercantile Exchange, crude for October
delivery CLV1 settled at $90.21 a barrel, gaining $2.02, or
2.29 percent, after trading between $87.81 and $90.52. It was
the highest settlement for front-month crude since Aug. 3, when
prices closed at $91.93 CLc1.
 * In London, ICE Brent for October delivery LCOV1 settled
at $111.89 a barrel, dropping 36 cents, or 0.32 percent.
 * Brent's premium against U.S. crude narrowed to $21.68 at
the close from $24.06 on Monday. CL-LCO1=R The premium hit a
record $27.23 on Sept. 6.
 * The IEA, in a monthly report, cut its estimate of global
oil demand growth this year by 160,000 barrels per day to 1.04
million bpd and trimmed its 2012 demand growth estimate by
190,000 bpd to 1.42 million bpd. [ID:nL5E7KD10U]
 * Syncrude Canada Ltd has started planned maintenance on a
major processing unit that will cut output by about 30 percent,
or about 100,000 bpd of synthetic crude, with the outage
expected to last 40-45 days, Syncrude's biggest stakeholder
said. [ID:nS1E78C11I]
 * U.S. retail gasoline sales last week, including the last
two days of the Labor Day weekend, fell 3.5 percent from a year
ago and demand was seen 2.4 percent lower than the previous
week, MasterCard's weekly report showed. [ID:nEGE7DB02O]
 * Mastercard said high pump prices slashed U.S. gasoline
consumption and forced cost-conscious motorists off the road
this summer, making this drdiving season the worst for gasoline
demand since 2009.[ID:nS1E78C12H]
 MARKETS NEWS
 * Wall Street gained as investors beaten down shares,
betting European leaders would do something soon to resolve the
Greek debt crisis. [.N]
 * The euro edged higher from a seven-month trough against
the dollar, helped by a rebound in equity prices. In late
trading the greenback was down 0.69 percent against a basket of
currencies. [USD/] .DXY
 * Copper eked out a modest gain, underpinned by weakness in
the dollar but limited in its upside mobility by Europe's
festering debt crisis. [MET/L]
 * Gold rose nearly 1 percent as higher equity markets and a
rebound in the euro reversed some of the previous session's
sharp drop driven by margin-call selling. [GOL/]
 UPCOMING DATA/EVENTS
 * U.S. producer prices, retail sales for August, 8:30 a.m.
EDT (1230 GMT), Wednesday.
 * U.S. Energy Information Administration weekly oil
inventory data at 10:30 a.m. EDT (1430 GMT), Wednesday.
    SETTLE     NET    PCT     LOW    HIGH  CURRENT  DAY AGO
              CHNG   CHNG                      VOL      VOL
CLc1    90.21    2.02   2.3%   87.81   90.52  328,897  349,238
CLc2    90.28    1.97   2.2%   87.94   90.60  136,794  101,915
LCOc1  111.89   -0.36  -0.3%  111.28  113.30  128,889  159,203
RBc1   2.7424  0.0042   0.2%  2.7182  2.7645   36,369   64,154
RBc2   2.7162  0.0048   0.2%  2.6946  2.7359   32,836   43,787
HOc1   2.9361 -0.0114  -0.4%  2.9234  2.9654   54,569   58,856
HOc2   2.9465 -0.0104  -0.4%  2.9336  2.9750   28,756   20,946
TOTAL MARKET            VOLUME                 OPEN  INTEREST
          CURRENT    Sep 09   30D AVG     Sep 09  NET CHNG
CRUDE        728,880   677,483   718,849  1,491,790   -10,565
RBOB         101,123   156,717   122,732    268,736    -1,888
HO           134,806   121,952   121,924    316,848     2,742
 (Reporting by Gene Ramos and Robert Gibbons; Editing by David
Gregorio)


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