July 6, 2011 / 9:37 PM / 8 years ago

NYMEX-Crude turns positive on large API stock draw

 * API: U.S. crude, product inventories down last week
 * Oil seesaws, buffeted by China rates, Portugal downgrade
 * Euro down, dollar up, capping oil's session gains
 * Coming up: U.S. jobless claims, 8:30 a.m. EDT Thursday
 NEW YORK, July 6 (Reuters) - U.S. crude oil futures turned
positive in post-settlement trading on Wednesday after data
from the American Petroleum Institute showed domestic crude
stocks fell last week by much more than expected.
 The industry group said crude stocks dropped by 3.2 million
barrels in the week to July 1, against forecasts for a
2.3-million-barrel drawdown in a Reuters poll of analysts.
[EIA/]
 Gasoline futures extended gains as the API data showed
gasoline stocks fell 1.9 million barrels against the forecast
for a 100,000-barrel increase.
 Heating oil futures also rose further as the report showed
distillate stocks, which include heating oil and diesel fuel,
fell by 1.6 million barrels, defying the forecast for a
700,000-barrel build.
 Traders await data from the U.S. Energy Information
Administration at 11 a.m. EDT (1500 GMT) on Thursday for
further guidance.
 Earlier, U.S. crude futures settled lower as China's move
to raise interest rates for the third time this year and a
downgrade of Portugal's credit rating stoked worries over oil
demand.
 Growth in the U.S. services sector dipped slightly in June,
an industry report showed, adding to demand anxieties.
 FUNDAMENTALS
 * On the New York Mercantile Exchange, crude for August
delivery CLQ1 at 5:03 p.m. EDT (2103 GMT) was up 2 cents at
$96.91 a barrel. It had settled at $96.65, off 24 cents or 0.25
percent, after trading between $95.90 and $97.79.
 * In London, ICE Brent crude for August delivery LCOQ1
settled at $113.62 a barrel, a cent above Tuesday's close, in
seesaw trading between $111.91 and $114.32.
 * NYMEX August RBOB RBQ1 was up 3.26 cents, or 1.09
percent, at $3.01 a gallon while NYMEX August heating oil rose
1.84 cents, or 0.62 percent, to $2.9750 a gallon.
 * U.S. crude's discount against Brent widened to $16.97 at
the close, from $16.72 on Tuesday.
 * China raised interest rates for the third time this year,
making clear that taming inflation remains a top priority even
as its vast economy gently eases. [ID:nL3E7FK17V]
 * Moody's credit rating downgrade of Portugal late on
Tuesday added to fears Europe's banks face heavy euro zone
losses if a private-sector plan to help Greece comes unstuck.
 * Growth in the U.S. services sector dipped modestly in
June, an industry report showed. The Institute for Supply
Management said its services index fell to 53.3 last month from
54.6 in May, shy of economists' forecasts for 54.0 in a Reuters
survey. A reading above 50 indicates expansion.
[ID:nN1E7650GW]
 * The number of planned layoffs at U.S. firms increased for
the second month in a row in June, though downsizing in the
first half of the year was at the lowest level since 2000, a
report on Wednesday showed. [ID:nN9E7HG00T]
 * The U.S. National Hurricane Center said a low-pressure
system over the southeastern Gulf of Mexico has a mere 10
percent chance of developing into a tropical depression over
the next day or two.  [ID: nL3E7I62I6]
 * Japan's index of leading economic indicators rose 3.6
points in May from April, the biggest increase on record.
 * Euro zone gross domestic product rose 0.8 percent in the
first quarter, up from a 0.3 percent quarterly rise in Q4.
 MARKETS NEWS
 * Wall Street ended up, led by transportation shares, with
broader gains limited as the downgrade of Portugal's credit
rating weighed on banking shares while the higher interest rate
in China loomed as another concern for investors. [.N]
 * The euro fell for a second straight day against the U.S.
dollar on global growth concerns after China's interest rate
move, adding to worries spawned by Portugal's downgrade.
 * Copper closed lower, snapping a six-day rally as the rate
increase in China and further debt troubles in Europe lessened
appetite for risky commodities. [MET/L]
 * Gold rose for a third day to the highest level in two
weeks as China's interest rate boost put inflation concerns
back in the spotlight and as worries about euro zone debt
stoked safe-haven buying. [GOL/]
 UPCOMING DATA/EVENTS
 * U.S. weekly jobless claims, 8:30 a.m. EDT (1230 GMT),
Thursday.
 * U.S. Energy Information Administration's weekly oil
inventory report due on Thursday at 11 a.m. EDT (1500 GMT).
    SETTLE     NET    PCT     LOW    HIGH  CURRENT  DAY AGO
              CHNG   CHNG                      VOL      VOL
CLc1    96.65   -0.24  -0.3%   95.90   97.79  271,422  275,650
CLc2    97.13   -0.25  -0.3%   96.39   98.25   68,857   67,267
LCOc1  113.62    0.01   0.0%  111.91  114.32  177,751  188,858
RBc1   2.9976  0.0202   0.7%  2.9440  3.0145   28,103   54,144
RBc2   2.9553  0.0178   0.6%  2.9052  2.9677   17,301   24,214
HOc1   2.9633  0.0067   0.2%  2.9284  2.9778   26,395   47,742
HOc2   2.9791  0.0063   0.2%  2.9459  2.9914    7,923   15,871
TOTAL MARKET            VOLUME                 OPEN  INTEREST
          CURRENT    Jul 05   30D AVG     Jul 05  NET CHNG
CRUDE        505,537   520,283   668,892  1,522,391      -144
RBOB          65,854   103,732   122,054    233,809     3,523
HO            45,589    94,163   116,459    297,471    -4,236
 (Reporting by Gene Ramos and Robert Gibbons; Editing by Dale
Hudson)


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