NEW YORK, April 14 (Reuters) - U.S. crude oil futures fell
further in post-settlement trade on Tuesday, but stuck to the
day's range, after industry data showed that crude inventories
rose much higher than expected last week.
Front-month May crude futures earlier settled more than 1 percent lower after the government revised lower its 2009 global and domestic oil demand forecast and reported that retail sales and producer prices fell unexpectedly in March.
In choppy trading, crude futures were up more than $1 early on economic optimism, which fueled a global equities rally, before the March data weighed on Wall Street and oil markets.
The industry group American Petroleum Institute in its report issued at 4:30 p.m. EDT (2030 GMT) said that for the week to April 10, domestic crude stocks rose 6.5 million barrels to 371.2 million barrels.
Gasoline stocks fell 613,000 barrels to 218.4 million barrels while distillate stocks increased 87,000 barrels to 142.3 million barrels.
'Another astounding number from the the API, almost a replay of last week's report. Now we have to see if the DOE agrees. A lot of people got burned last week when the DOE number showed a much slimmer build,' said Phil Flynn, analyst at Alaron Trading in Chicago.
The U.S. Energy Information Administration, the statistical branch of the Department of Energy, will issue its own report on Wednesday at 10:30 a.m. EDT.
A Reuters poll ahead of the reports forecast a
1.9-million-barrel increase in crude supplies, a 400,000
barrel drop in gasoline stocks and an 800,000-barrel decrease in distillates, which include heating oil and diesel fuel.
PRICES
On the New York Mercantile Exchange at 4:50 p.m. EDT (2050 GMT), May crude was down 89 cents, or 1.78 percent, at $49.16 a barrel. It had settled 64 cents, or 1.28 percent, lower at $48.41, trading from $48.85 to $51.12.
* In London, May Brent crude was down 64 cents, or 1.23 percent, at $51.50 a barrel. It settled down 18 cents, or 0.35 percent, at $51.96, trading from $51.21 to $53.56.
* NYMEX May RBOB was down 1.27 cents, or 0.87 percent, at $1.4505 a gallon. It settled 0.56 cent, or 0.38 percent, weaker at $1.4576, trading from $1.4448 to $1.4890.
* NYMEX May heating oil was down 0.50 cent, or 0.36 percent, at $1.3930 a gallon. It settled up 0.43 cent, or 0.31 percent, at 41.4023, trading from $1.3766 to $1.4393.
* The May/May RBOB crack spread ended at $11.81, up from $11.40 at the close on Monday. The May/May heating oil crack spread ended at $9.49, rising from $8.67 at the close on Monday.
* The spread between the current front month and the five-year forward crude contract ended at $26.90, widening from $25.33 at the close on Monday. The May 2014 contract settled at $75.31, down 7 cents, or 0.09 percent.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $51.76/$51.38
Technical support/resistance:
NYMEX crude: $48.76/$52.95
NYMEX heating oil: $1.3655/$1.4510
NYMEX RBOB: $1.4235/1.5085
For a report on technicals click
MARKET NEWS
* The EIA cut its 2009 world oil demand forecast by 180,000 barrels per day from its prior March estimate, to 84.09 million bpd. It revised upward its 2010 forecast. As for U.S. demand, it cut its forecast for 2009 oil demand by 10,000 bpd, to 18.99 million bpd.
* OPEC publishes its monthly report on Wednesday.
* U.S stocks fell after a surprise drop in March retail sales dampened optimism about the U.S. economy. The sales downturn snapped two months of increases.
* U.S. producer prices fell unexpectedly in March, notching the the largest year-over-year decline since 1950 as energy prices slipped, Labor Department data showed.
* The dollar and yen rallied after disappointing U.S. retail sales data and investor caution about corporate earnings increased safe-haven flows into the two currencies.
(Reporting by Gene Ramos and Robert Gibbons; Editing by Christian Wiessner)
((gene.ramos@thomsonreuters.com; + 1 646 223 6054; Reuters Messaging: gene.ramos.reuters.com@reuters.net)) Keywords: MARKETS ENERGY NYMEX (For help: Click 'Contact Us' in your desk top, click here or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com; +1 646-223-5546) 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.
Front-month May crude futures earlier settled more than 1 percent lower after the government revised lower its 2009 global and domestic oil demand forecast and reported that retail sales and producer prices fell unexpectedly in March.
In choppy trading, crude futures were up more than $1 early on economic optimism, which fueled a global equities rally, before the March data weighed on Wall Street and oil markets.
The industry group American Petroleum Institute in its report issued at 4:30 p.m. EDT (2030 GMT) said that for the week to April 10, domestic crude stocks rose 6.5 million barrels to 371.2 million barrels.
Gasoline stocks fell 613,000 barrels to 218.4 million barrels while distillate stocks increased 87,000 barrels to 142.3 million barrels.
'Another astounding number from the the API, almost a replay of last week's report. Now we have to see if the DOE agrees. A lot of people got burned last week when the DOE number showed a much slimmer build,' said Phil Flynn, analyst at Alaron Trading in Chicago.
The U.S. Energy Information Administration, the statistical branch of the Department of Energy, will issue its own report on Wednesday at 10:30 a.m. EDT.
A Reuters poll ahead of the reports forecast a
1.9-million-barrel increase in crude supplies, a 400,000
barrel drop in gasoline stocks and an 800,000-barrel decrease in distillates, which include heating oil and diesel fuel.
PRICES
On the New York Mercantile Exchange at 4:50 p.m. EDT (2050 GMT), May crude was down 89 cents, or 1.78 percent, at $49.16 a barrel. It had settled 64 cents, or 1.28 percent, lower at $48.41, trading from $48.85 to $51.12.
* In London, May Brent crude was down 64 cents, or 1.23 percent, at $51.50 a barrel. It settled down 18 cents, or 0.35 percent, at $51.96, trading from $51.21 to $53.56.
* NYMEX May RBOB was down 1.27 cents, or 0.87 percent, at $1.4505 a gallon. It settled 0.56 cent, or 0.38 percent, weaker at $1.4576, trading from $1.4448 to $1.4890.
* NYMEX May heating oil was down 0.50 cent, or 0.36 percent, at $1.3930 a gallon. It settled up 0.43 cent, or 0.31 percent, at 41.4023, trading from $1.3766 to $1.4393.
* The May/May RBOB crack spread ended at $11.81, up from $11.40 at the close on Monday. The May/May heating oil crack spread ended at $9.49, rising from $8.67 at the close on Monday.
* The spread between the current front month and the five-year forward crude contract ended at $26.90, widening from $25.33 at the close on Monday. The May 2014 contract settled at $75.31, down 7 cents, or 0.09 percent.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $51.76/$51.38
Technical support/resistance:
NYMEX crude: $48.76/$52.95
NYMEX heating oil: $1.3655/$1.4510
NYMEX RBOB: $1.4235/1.5085
For a report on technicals click
MARKET NEWS
* The EIA cut its 2009 world oil demand forecast by 180,000 barrels per day from its prior March estimate, to 84.09 million bpd. It revised upward its 2010 forecast. As for U.S. demand, it cut its forecast for 2009 oil demand by 10,000 bpd, to 18.99 million bpd.
* OPEC publishes its monthly report on Wednesday.
* U.S stocks fell after a surprise drop in March retail sales dampened optimism about the U.S. economy. The sales downturn snapped two months of increases.
* U.S. producer prices fell unexpectedly in March, notching the the largest year-over-year decline since 1950 as energy prices slipped, Labor Department data showed.
* The dollar and yen rallied after disappointing U.S. retail sales data and investor caution about corporate earnings increased safe-haven flows into the two currencies.
(Reporting by Gene Ramos and Robert Gibbons; Editing by Christian Wiessner)
((gene.ramos@thomsonreuters.com; + 1 646 223 6054; Reuters Messaging: gene.ramos.reuters.com@reuters.net)) Keywords: MARKETS ENERGY NYMEX (For help: Click 'Contact Us' in your desk top, click here or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com; +1 646-223-5546) 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.