NEW YORK, Nov 3 (Reuters) - U.S. crude oil futures were
little changed in post-settlement trading on Tuesday after
industry data showed a surprise drawdown in domestic crude
stocks last week.
The American Petroleum Institute said that for the week ending Oct. 30, crude stockpiles fell by 3.3 million barrels, gasoline stocks rose by 501,000 barrels and distillate supplies increased by 1.8 million barrels.
Capacity utilization dropped 1.3 percentage points, to 80.5 percent of capacity, the API said.
'The API data showing a surprise drawdown in crude inventories appears not to add up, with crude runs and capacity utilization down. API says imports were down, but mostly everybody was expecting these to be up,' said Phil Flynn, analyst at PFGBest Research in Chicago.
In the wake of the API data, gasoline and heating oil futures pared gains.
An expanded Reuters poll of analysts forecast a 1.4 million barrel build in crude inventories, a 1.0 million barrel decline in distillate stocks, and a 300,000 barrel increase in gasoline supplies.
The U.S. Energy Information Administration will release its own data on Wednesday, at 10:30 a.m. EST (1530 GMT).
Crude futures earlier settled higher, lifted by data showing rising factory orders, a rally in gold futures and firm technical support.
Traders said the oil markets veered away from influence that they usually get from Wall Street, which was mixed in late trading, and the U.S. dollar, which hit a one-month high against a basket of currencies.
Crude's $76.55 intraday low was 1 cent under Monday's low trade and technical support was charted at $76.20 a barrel.
Gold swept to a record high above $1,080 per ounce on Tuesday, defying dollar strength, as the International Monetary Fund's 200-tonne sale of gold to India's central bank enhanced sentiment toward the metal.
New orders received by U.S. factories rose 0.9 percent in September, stronger than expected, while inventories continued to shrink, the Commerce Department said.
The U.S. Federal Reserve began a two-day meeting on Tuesday that was expected to end with a reaffirmation that policies to support the economy, such as holding interest rates where they are, will stay in place for some time, even as signs of recovery mount.
PRICES
* On the New York Mercantile Exchange at 5 p.m. EST (2200 GMT) December crude was up $1.24, or 1.59 percent, at $79.37. It was trading at $79.39 just before the API data was released. It earlier settled up $1.47, or 1.88 percent at $79.60, trading from $76.55 to $79.77.
* In London, December Brent crude was up $1.42,or 1.85 percent, at $77.97 a barrel. It had settled up $1.56, or 2.04 percent, at $78.11, trading from $75.08 to $78.32.
* NYMEX December RBOB was up 0.19 cent, or 0.1 percent, at $1.9922 a gallon. It had settled up 1.01 cents, or 0.51 percent, at $2.0004, trading from $1.9379 to $2.0108.
* NYMEX December heating oil was up 1.83 cents, or 0.89 percent, at $2.0643 a gallon. It had settled up 2.73 cents, or 1.33 percent, at $2.0733, trading from $2.0030 to $2.0785.
* The December/December RBOB crack spread ended at $4.42, down from $5.46 on Monday. The December/December heating oil crack spread ended at $7.48, down from $7.80 on Monday.
* The spread between the current front month and the five-year forward crude contract ended at $12.36, contracting from $13.11 on Monday. The December 2014 contract settled Tuesday at $91.96, up 50 cents, or 0.55 percent.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $79.10/$77.07
Technical support/resistance:
NYMEX crude: $76.20/$78.00
NYMEX heating oil: $1.9635/$2.1045
NYMEX RBOB: $1.9335/$2.0605
For a full report on technicals, click on
MARKET NEWS
* Oil field services providers Cameron International Corp and Rowan Companies Inc said quarterly profits were better than expected with an uptick in drilling activity, and said the outlook for the sector is improving with a recovery in commodity prices.
* Mexico's oil exporting ports Dos Bocas and Coatzacoalcos reopened on Tuesday morning, after bad weather shut the ports this weekend, the government said. Bad weather,
however, shut Coatzacoalcos again on Tuesday afternoon.
* Venezuela said OPEC should not raise oil production when the group next meets on Dec. 22 in Angola.
* Venezuelan Energy Minister Rafael Ramirez lowered the South American OPEC member's 2015 oil capacity growth targets by more than 13 percent.
(Reporting by Gene Ramos, Robert Gibbons and Edward McAllister; Editing by Marguerita Choy) Keywords: MARKETS ENERGY NYMEX (gene.ramos@thomsonreuters.com; + 1 646 223 6054; Reuters Messaging: gene.ramos.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The American Petroleum Institute said that for the week ending Oct. 30, crude stockpiles fell by 3.3 million barrels, gasoline stocks rose by 501,000 barrels and distillate supplies increased by 1.8 million barrels.
Capacity utilization dropped 1.3 percentage points, to 80.5 percent of capacity, the API said.
'The API data showing a surprise drawdown in crude inventories appears not to add up, with crude runs and capacity utilization down. API says imports were down, but mostly everybody was expecting these to be up,' said Phil Flynn, analyst at PFGBest Research in Chicago.
In the wake of the API data, gasoline and heating oil futures pared gains.
An expanded Reuters poll of analysts forecast a 1.4 million barrel build in crude inventories, a 1.0 million barrel decline in distillate stocks, and a 300,000 barrel increase in gasoline supplies.
The U.S. Energy Information Administration will release its own data on Wednesday, at 10:30 a.m. EST (1530 GMT).
Crude futures earlier settled higher, lifted by data showing rising factory orders, a rally in gold futures and firm technical support.
Traders said the oil markets veered away from influence that they usually get from Wall Street, which was mixed in late trading, and the U.S. dollar, which hit a one-month high against a basket of currencies.
Crude's $76.55 intraday low was 1 cent under Monday's low trade and technical support was charted at $76.20 a barrel.
Gold swept to a record high above $1,080 per ounce on Tuesday, defying dollar strength, as the International Monetary Fund's 200-tonne sale of gold to India's central bank enhanced sentiment toward the metal.
New orders received by U.S. factories rose 0.9 percent in September, stronger than expected, while inventories continued to shrink, the Commerce Department said.
The U.S. Federal Reserve began a two-day meeting on Tuesday that was expected to end with a reaffirmation that policies to support the economy, such as holding interest rates where they are, will stay in place for some time, even as signs of recovery mount.
PRICES
* On the New York Mercantile Exchange at 5 p.m. EST (2200 GMT) December crude was up $1.24, or 1.59 percent, at $79.37. It was trading at $79.39 just before the API data was released. It earlier settled up $1.47, or 1.88 percent at $79.60, trading from $76.55 to $79.77.
* In London, December Brent crude was up $1.42,or 1.85 percent, at $77.97 a barrel. It had settled up $1.56, or 2.04 percent, at $78.11, trading from $75.08 to $78.32.
* NYMEX December RBOB was up 0.19 cent, or 0.1 percent, at $1.9922 a gallon. It had settled up 1.01 cents, or 0.51 percent, at $2.0004, trading from $1.9379 to $2.0108.
* NYMEX December heating oil was up 1.83 cents, or 0.89 percent, at $2.0643 a gallon. It had settled up 2.73 cents, or 1.33 percent, at $2.0733, trading from $2.0030 to $2.0785.
* The December/December RBOB crack spread ended at $4.42, down from $5.46 on Monday. The December/December heating oil crack spread ended at $7.48, down from $7.80 on Monday.
* The spread between the current front month and the five-year forward crude contract ended at $12.36, contracting from $13.11 on Monday. The December 2014 contract settled Tuesday at $91.96, up 50 cents, or 0.55 percent.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $79.10/$77.07
Technical support/resistance:
NYMEX crude: $76.20/$78.00
NYMEX heating oil: $1.9635/$2.1045
NYMEX RBOB: $1.9335/$2.0605
For a full report on technicals, click on
MARKET NEWS
* Oil field services providers Cameron International Corp and Rowan Companies Inc said quarterly profits were better than expected with an uptick in drilling activity, and said the outlook for the sector is improving with a recovery in commodity prices.
* Mexico's oil exporting ports Dos Bocas and Coatzacoalcos reopened on Tuesday morning, after bad weather shut the ports this weekend, the government said. Bad weather,
however, shut Coatzacoalcos again on Tuesday afternoon.
* Venezuela said OPEC should not raise oil production when the group next meets on Dec. 22 in Angola.
* Venezuelan Energy Minister Rafael Ramirez lowered the South American OPEC member's 2015 oil capacity growth targets by more than 13 percent.
(Reporting by Gene Ramos, Robert Gibbons and Edward McAllister; Editing by Marguerita Choy) Keywords: MARKETS ENERGY NYMEX (gene.ramos@thomsonreuters.com; + 1 646 223 6054; Reuters Messaging: gene.ramos.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
