Reuters logo
NYMEX-Crude dips ahead of expected soft GDP data
April 28, 2011 / 12:28 PM / 6 years ago

NYMEX-Crude dips ahead of expected soft GDP data

 * 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)   

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below