NEW YORK, Nov 3 (Reuters) - U.S. crude oil futures were
little changed in post-settlement trading on Tuesday after
industry data showed a surprise drawdown in domestic crude
stocks last week.
The American Petroleum Institute said that for the week
ending Oct. 30, crude stockpiles fell by 3.3 million barrels,
gasoline stocks rose by 501,000 barrels and distillate supplies
increased by 1.8 million barrels.
Capacity utilization dropped 1.3 percentage points, to 80.5
percent of capacity, the API said.
"The API data showing a surprise drawdown in crude
inventories appears not to add up, with crude runs and capacity
utilization down. API says imports were down, but mostly
everybody was expecting these to be up," said Phil Flynn,
analyst at PFGBest Research in Chicago.
In the wake of the API data, gasoline and heating oil
futures pared gains.
An expanded Reuters poll of analysts forecast a 1.4 million
barrel build in crude inventories, a 1.0 million barrel decline
in distillate stocks, and a 300,000 barrel increase in gasoline
supplies. [EIA/S]
The U.S. Energy Information Administration will release its
own data on Wednesday, at 10:30 a.m. EST (1530 GMT).
Crude futures earlier settled higher, lifted by data
showing rising factory orders, a rally in gold futures and firm
technical support.
Traders said the oil markets veered away from influence
that they usually get from Wall Street, which was mixed in late
trading, and the U.S. dollar, which hit a one-month high
against a basket of currencies. [.N] [USD/]
Crude's $76.55 intraday low was 1 cent under Monday's low
trade and technical support was charted at $76.20 a barrel.
Gold swept to a record high above $1,080 per ounce on
Tuesday, defying dollar strength, as the International Monetary
Fund's 200-tonne sale of gold to India's central bank enhanced
sentiment toward the metal. [ID:nL3566833]
New orders received by U.S. factories rose 0.9 percent in
September, stronger than expected, while inventories continued
to shrink, the Commerce Department said. [ID:nN03495427]
The U.S. Federal Reserve began a two-day meeting on Tuesday
that was expected to end with a reaffirmation that policies to
support the economy, such as holding interest rates where they
are, will stay in place for some time, even as signs of
recovery mount. [ID:nN03503603]
PRICES
* On the New York Mercantile Exchange at 5 p.m. EST (2200
GMT) December crude CLZ9 was up $1.24, or 1.59 percent, at
$79.37. It was trading at $79.39 just before the API data was
released. It earlier settled up $1.47, or 1.88 percent at
$79.60, trading from $76.55 to $79.77.
* In London, December Brent crude LCOZ9 was up $1.42,or
1.85 percent, at $77.97 a barrel. It had settled up $1.56, or
2.04 percent, at $78.11, trading from $75.08 to $78.32.
* NYMEX December RBOB RBZ9 was up 0.19 cent, or 0.1
percent, at $1.9922 a gallon. It had settled up 1.01 cents, or
0.51 percent, at $2.0004, trading from $1.9379 to $2.0108.
* NYMEX December heating oil HOZ9 was up 1.83 cents, or
0.89 percent, at $2.0643 a gallon. It had settled up 2.73
cents, or 1.33 percent, at $2.0733, trading from $2.0030 to
$2.0785.
* The December/December RBOB crack spread <0#RB-CL=R> ended
at $4.42, down from $5.46 on Monday. The December/December
heating oil crack spread <0#CL-HO=R> ended at $7.48, down from
$7.80 on Monday.
* The spread between the current front month and the
five-year forward crude contract CLc61 ended at $12.36,
contracting from $13.11 on Monday. The December 2014 contract
settled Tuesday at $91.96, up 50 cents, or 0.55 percent.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $79.10/$77.07
Technical support/resistance:
NYMEX crude: $76.20/$78.00
NYMEX heating oil: $1.9635/$2.1045
NYMEX RBOB: $1.9335/$2.0605
For a full report on technicals, click on [ID:nL3599109]
MARKET NEWS
* Oil field services providers Cameron International Corp
(CAM.N) and Rowan Companies Inc (RDC.N) said quarterly profits
were better than expected with an uptick in drilling activity,
and said the outlook for the sector is improving with a
recovery in commodity prices. [ID:nBNG491089]
* Mexico's oil exporting ports Dos Bocas and Coatzacoalcos
reopened on Tuesday morning, after bad weather shut the ports
this weekend, the government said. [ID:nN03498835] Bad weather,
however, shut Coatzacoalcos again on Tuesday afternoon.
[ID:nN03518172]
* Venezuela said OPEC should not raise oil production when
the group next meets on Dec. 22 in Angola. [ID:nN03494981]
* Venezuelan Energy Minister Rafael Ramirez lowered the
South American OPEC member's 2015 oil capacity growth targets
by more than 13 percent. [ID:nN03490455]
(Reporting by Gene Ramos, Robert Gibbons and Edward
McAllister; Editing by Marguerita Choy)
