June 12, 2012 / 10:18 PM / 7 years ago

NYMEX-Crude little changed after surprise API stock build

NEW YORK, June 12 (Reuters) - U.S. crude futures traded
little changed in positive territory on Tuesday after industry
data showed domestic oil inventories rose last week, against
forecasts that they fell.	
    Earlier, crude futures settled up for the first time in four
sessions, rebounding from an eight-month low as traders geared
for the release of weekly industry and government petroleum
inventory reports.	
    Bargain-hunting helped lift prices, but volume was slightly
below the 30-day average as oil markets awaited an OPEC policy
meeting on Thursday in Vienna.	
    The American Petroleum Institute said that for the week to
June 8, domestic crude stocks rose by 1.6 million barrels due to
higher imports, against the forecast for a 1.4-million-barrel
decline in a Reuters poll of analysts.  	
    Stockpiles at the Cushing, Oklahoma delivery point fell by
344,000 barrels. 	
    Gasoline stocks fell by 878,000 barrels against the forecast
for a 1.1-million-barrel increase while distillate stocks rose
by 519,000 barrels, far less than the forecast for a
1.3-million-barrel build. 	
    Refinery utilization rose 0.7 percentage point, to 88.7
percent of capacity. The forecast was for a decline by 0.1
percentage point. 	
	
    FUNDAMENTALS	
    * On the New York Mercantile Exchange, crude for July
delivery settled at $83.32 a barrel, gaining 62 cents, or
0.75 percent. It bottomed in overnight trading at $81.07, the
lowest for front-month U.S. crude since Oct. 6 last year. It hit
a session high of $83.72 in morning trading.	
    * In London, ICE July Brent crude fell for a fourth
straight day and settled at $97.14 a barrel, down 86 cents, or
0.88 percent. It was the lowest settlement for front-month Brent
since Jan. 25, 2011, when prices ended at $95.25. 	
    * Brent's premium against U.S. crude narrowed to $13.82 at
the close, from $15.30 on Monday. 
    * The Energy Information Administration cut its 2012 world
oil demand growth forecast by 150,000 barrels per day, to 0.81
million bpd. The EIA, in a monthly report, also cut its oil
demand growth estimate for 2013 by 70,000 bpd, to 1.09 million
bpd. 	
    * Oil production in non-OPEC countries should average 52.72
million bpd this year, 120,000 bpd higher than the EIA's
estimate in May, the EIA's forecast showed. The EIA also revised
2013 non-OPEC oil production, up 250,000 bpd from its previous
forecast, to 53.91 million bpd. 	
    * Iran's crude oil production will likely fall by 850,000
bpd by the end of 2012 because of a lack of investment, reducing
it to 2.7 million bpd from 3.55 million bpd at the end of last
year, the EIA report showed.	
    * U.S. import prices fell 1.0 percent in May, their largest
decline in nearly two years, as energy and food costs dipped,
Labor Department data showed. The decline last month was in line
with economists' expectations. 	
    * OPEC's price hawks called on Saudi Arabia to rein in
excess production to stem a slide in oil prices that has knocked
about $30 a barrel off crude since March. 	
    * OPEC produced 31.58 million barrels per day in May, some
58,000 bpd less than in April but 1.58 million bpd more than its
supply target of 30 million bpd, a monthly report by the
producers' group showed.	
    * Libya's oil output has climbed back to 1.5 million bpd,
Oil Minister Abdulrahman Ben Yazza said. 	
    * BP said oil had started pumping from its Galapagos 
deepwater project in the Gulf of Mexico, its first new
development to come onstream since the Macondo disaster in 2010
caused the largest offshore spill in U.S. history.
 	
	
    MARKETS NEWS	
    * U.S. equities staged a comeback rally to end up more than
1 percent, taking a cue from Europe's troubled debt markets,
where Spanish bond yields came off euro-era record highs. 	
    * The euro drifted higher against the dollar after three
days of losses as risk aversion eased somewhat on gains in
stocks and commodities. Investors cashed in bearish bets on the
single currency ahead of Sunday's Greek election. 	
    * Copper drifted slightly lower as skittish investors
lingered on the sidelines amid fresh concerns about a bailout of
Spain's banks and ahead of the election in Greece. 	
    * Gold rose for a third straight session as physical bullion
buying and the accumulation of bullish bets linked to
uncertainty over the euro zone debt crisis helped the metal
recover from early losses. 	
       	
    UPCOMING EVENTS/DATA	
    * U.S. Energy Information Administration's weekly petroleum
inventory report, 10:30 a.m. EDT (1430 GMT) on Wednesday.	
    	
        SETTLE     NET    PCT     LOW    HIGH  CURRENT  DAY AGO
                  CHNG   CHNG                      VOL      VOL
 CLc1    83.32    0.62   0.8%   81.07   83.72  307,832  343,211
 CLc2    83.62    0.62   0.8%   81.39   84.01   86,789   96,184
 LCOc1   97.14   -0.86  -0.9%   96.62   97.97  239,774  233,783
 RBc1   2.6502 -0.0064  -0.2%  2.6311  2.6686   43,714   64,651
 RBc2   2.5833 -0.0044  -0.2%  2.5620  2.5991   33,076   47,247
 HOc1   2.6215 -0.0142  -0.5%  2.6082  2.6534   58,367   60,485
 HOc2   2.6236 -0.0158  -0.6%  2.6130  2.6565   28,672   26,694
                                                                                   
 TOTAL MARKET            VOLUME                 OPEN  INTEREST
              CURRENT    Jun 11   30D AVG     Jun 11  NET CHNG
 CRUDE        578,985   649,691   571,197  1,454,103       448
 RBOB         124,177   160,490   146,545    301,207     3,389
 HO           145,562   140,565   135,127    315,909     5,936
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