May 2, 2011 / 12:45 PM / 8 years ago

NYMEX-Crude down on bin Laden death, dollar bounce

 * U.S. forces killing of bin Laden helps pressure oil
 * Dollar gets bounce from bin Laden death, weighs on oil
 * Coming up: API oil stocks data, 4:30 p.m. EDT Tuesday
 NEW YORK, May 2 (Reuters) - U.S. crude oil prices fell on Monday,
reacting to U.S. forces killing al Qaeda leader Osama bin Laden and on some
pressure from the beleaguered dollar receiving a bounce.
 Brent crude futures also fell, as did U.S. RBOB gasoline and heating
oil futures, but only after both U.S. crude and refined products and Brent
crude contracts posted multi-month monthly gains on Friday.
 After Friday's U.S. May gasoline and heating oil contracts expirations,
the June contracts are now in the front-month position.
 FUNDAMENTALS
 * On the New York Mercantile Exchange, June crude CLM1 fell $1.53, or
1.3 percent, to $112.40 a barrel by 8:31 a.m. EDT (1231 GMT), trading from
$110.82 to $114.14.
 * Al Qaeda leader Osama bin Laden was killed in a U.S. helicopter raid
on a mansion near the Pakistani capital Islamabad, officials said, ending a
nearly 10-year worldwide hunt for the mastermind of the Sept. 11 attacks
that destroyed the World Trade Center in New York and hit the Pentagon.
[ID:nL3E7G20ZD]
 * Libyan government forces bombarded the port of rebel-held Misrata
with rockets and shellfire, disrupting operations to bring supplies in by
sea to the besieged city. [ID:nLDE74112N]
 * Yemeni activists urged street protesters not to raise banners of
Osama bin Laden to avoid inviting a harsher crackdown on demonstrations
seeking democratic change in the al Qaeda leader's ancestral homeland.
[ID:nLDE7410K6]
 * Security forces arrested hundreds of pro-democracy demonstrators in
cities across Syria after taking control of the city of Deraa, cradle of
the uprising against President Bashar al-Assad's autocratic rule.
[ID:nLDE7410V4]
 * Russia produced 10.24 million barrels per day (bpd) of oil in April,
up 0.5 percent from 10.19 million bpd in March and short of a post-Soviet
record of 10.26 million hit in October, Energy Ministry data showed.
[ID:nLDE74105W]
 * Saudi Arabia's crude oil output edged back up in April to around 8.5
million barrels per day (bpd) from roughly 8.3 million bpd in March as
demand picks up, Saudi-based industry sources said on Sunday.
[ID:nLDE74005M]
 * Qatar, one of OPEC's smallest producers, has notified at least one
Asian buyer that it will supply Marine and Land crude at full contracted
volumes for June, unchanged from May levels, a trade source said.
[ID:nL3E7G2015]
 * ANALYSIS-Commodity risk premium drop on bin Laden death seen short
lived [ID:nL3E7G20RU]
 * Members of militant Islamist forums said they prayed the news of
Osama bin Laden's death was not true and hinted at retaliation if it was.
[ID:nLDE7410HZ]
 MARKETS NEWS
 * The dollar trimmed gains as investors said Osama bin Laden's death
would do little to repair negative sentiment for the dollar, which has been
stung by prospects that U.S. interest rates will stay low. [USD/]
 * The killing of al Qaeda leader Osama bin Laden by U.S. forces
prompted investors to strip some of the risk premium underpinning world
asset prices, lifting the dollar, boosting stocks and weakening
commodities. [MKTS/GLOB]
 * Gold prices slipped from record highs and silver was on track for its
biggest one-day loss since December 2008 after news that al Qaeda leader
Osama bin Laden was killed in a U.S.-led operation in Pakistan. [GOL/]
 UPCOMING DATA/EVENTS
 * Market holidays in China, Hong Kong, the United Kingdom.
 * U.S. March construction spending, due at 10:00 a.m. EDT (1400 GMT),
is expected to have risen 0.4 percent after February's 1.4 percent drop.
 * U.S. April ISM Manufacturing PMI at 10:00 a.m. is seen a 59.9, down
from 61.2 in March.
8:31     LAST     NET    PCT     LOW    HIGH  CURRENT  DAY AGO
              CHNG   CHNG                      VOL      VOL
CLc1   112.40   -1.53  -1.3%  110.82  114.14   57,007  301,604
CLc2   112.92   -1.51  -1.3%  111.32  114.62    8,725   70,560
LCOc1  124.15   -1.74  -1.4%  121.67  126.10   46,373   78,855
RBc1   3.3581 -0.0403  -1.2%  3.3100  3.4132    3,151   29,816
RBc2   3.3048 -0.0446  -1.3%  3.2551  3.3591    1,349   67,609
HOc1   3.2282 -0.0476  -1.5%  3.1747  3.2867    4,755   22,735
HOc2   3.2405 -0.0510  -1.6%  3.1906  3.3011    1,168   53,805
 * NYMEX crude oil for June CLc1 fell $1.53 to $112.40 a barrel by 8:31
a.m. in volume of 57,007 lots.
 (Reporting by Robert Gibbons; Editing by John Picinich)


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