Reuters logo
NYMEX-Crude slips as products stocks expected higher
September 28, 2010 / 12:49 PM / 7 years ago

NYMEX-Crude slips as products stocks expected higher

 * Analyst poll: oil products stocks rose, weighs on oil
 * Qatar sees no need for OPEC to alter output quotas
 * Coming up: API oil data at 4:30 p.m. EDT Tuesday
 NEW YORK, Sept 28 (Reuters) - U.S. crude oil futures prices slipped on
Tuesday ahead of weekly oil inventory reports that analysts expect will
show refined products rose last week.
 Investors also awaited U.S. economic data and eyed a low pressure
system in the Caribbean Sea for its potential to form a tropical storm.
 October refined products futures contracts head for expiration on
Thursday, a day that also could see end-of-month and end-of-quarter trading
volatility.
 FUNDAMENTALS
 * On the New York Mercantile Exchange, November crude CLX0 fell 72
cents, or 0.9 percent, to $72.80 a barrel at 8:38 a.m. EDT (1238 GMT),
trading from $75.53 to $76.36.
 * The U.S. National Hurricane Center said Tuesday a low pressure system
in the northwest Caribbean Sea still had an 80 percent chance of
strengthening into a tropical depression over the next 48 hours as it
drifts northeast, away from the energy infrastructure in the northern Gulf
of Mexico. [ID:nN28134404]
 * Qatar Oil Minister Abdullah al-Attiyah said he does not expect OPEC
to make changes in its output quotas when the group meets in Vienna on Oct.
14. Libya, Iraq, Ecuador and Kuwait have all said they see no need for a
change. [ID:nTOE68R06Y]
 * Enbridge Inc <ENB.TO > < ENB.N> said on Monday it began the gradual
restart of its 190,000 barrels per day crude oil pipeline 6B, which
ruptured in July, spilling oil into a Michigan waterway. [ID:nWNA0639]
 * Two more credit rating agencies warned Ireland on Tuesday that its
debt is at risk of further downgrades, triggering another leap in borrowing
costs and heaping pressure on the government to bring forward its budget.
[ID:nLDE68R0RK]
 * Consumer sentiment in Germany and Italy brightened and French
consumer spending rose during the summer, data showed on Tuesday.
[ID:nLDE68R0QL]
 MARKET NEWS
 * U.S. stock index futures edged higher on Tuesday as traders looked
ahead to key economic data in another test for the improving recovery
theory that has driven up stocks this month. [.N]
 * World stocks held steady as corporate optimism offset euro zone
banking worries. The dollar fell to its weakest against the yen in almost
two weeks and slipped against the euro. [MKTS/GLOB] [FRX/]
 * Gold slipped off its record peak on profit-taking. [GOL/]
 UPCOMING EVENTS/DATA
 * The S&P Case/Shiller Home Price Index for July is due at 9 a.m. EDT
(13:00 GMT) and is expected to show a decline of 0.1 percent versus a gain
of 0.3 percent in June.
 * The Conference Board releases September consumer confidence data at
10 a.m. EDT (1400 GMT) on Tuesday. Economists in a Reuters survey forecast
a reading of 52.5 compared with 53.5 in August.
 * Industry group the American Petroleum Institute oil inventory data
released at 4:30 p.m. EDT (2030 GMT) on Tuesday.
8:38     LAST     NET    PCT     LOW    HIGH  CURRENT  DAY AGO
              CHNG   CHNG                      VOL      VOL
CLc1    75.80   -0.72  -0.9%   75.53   76.36   31,082  288,499
CLc2    76.94   -0.56  -0.7%   76.61   77.34   16,902  166,177
LCOc1   78.19   -0.38  -0.5%   77.74   78.37   49,405  146,394
RBc1   1.9406 -0.0082  -0.4%  1.9313  1.9460      682   26,615
RBc2   1.9310 -0.0081  -0.4%  1.9191  1.9358    2,233   37,789
HOc1   2.1084 -0.0144  -0.7%  2.0967   2.119      493   23,478
HOc2   2.1256 -0.0140  -0.7%  2.1140  2.1378    2,015   44,873
* NYMEX crude oil for November CLc1 fell 72 cents to $75.80 a barrel by
8:38 a.m. in volume of 31,082 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