NEW YORK, Oct 14 (Reuters) - U.S. crude oil futures
extended gains in post-settlement trading on Wednesday after
weekly industry inventory data showed drawdowns in crude and
gasoline futures, not the builds that had been expected.
Gasoline futures rose further and heating oil futures climbed higher as the distillates data from the American Petroleum Institute showed that while supplies rose, the increase was within the range of expectations.
'The API data showing crude and gasoline stocks down play into the market's bullish scenario today,' said Phil Flynn, analyst at PFGBest Research in Chicago.
'I don't think that the data, in and of themselves, could move the market radically farther from where we left off today, but traders will still be waiting to see if the industry data is confirmed by tommorow's report from the EIA,' he added.
The API said domestic crude stocks fell 172,000 barrels last week, in a report delayed a day due to Monday's Columbus Day holiday.
Gasoline stocks slid 2.7 million barrels and distillate supplies, which include heating oil and diesel fuel, rose 219,000 barrels, the industry group said.
A Reuters poll forecast crude stocks to have risen 700,000 barrels last week. Gasoline stocks were forecast up 800,000 barrels and distillates up 100,000 barrels.
The U.S. Energy Information Administration report will be released at 11 a.m. EDT (1500 GMT) on Thursday.
Earlier, crude futures settled for the fifth day in a row, notching the highest level in a year as a weakened dollar sparked widespread buying of commodities.
Optimism about an economic recovery lifted Wall Street as equities bellwethers reported higher quarterly profits, and that fueled hopes of better oil demand.
The Reuters-Jefferies CRB index rose to an 11-month high as a weakened dollar prompted investors to buy commodities across the board.
The Dow Jones industrial average pierced the 10,000 level for the first time in a year on surprisingly robust company results and better-than-expected retail sales..
The dollar slid to a 14-month low against a basket of currencies and the euro as Wall Street surged.
Minutes of the last policy meeting of the Federal Reserve showed official do not consider inflation an imminent threat, also undermining the dollar.
PRICES
* On the New York Mercantile Exchange, November crude at 5:15 p.m. EDT (1715 GMT), the end of the day's electronic trading, November crude was up $1.18, or 1.59 percent, at $75.33 a barrel, after extending the day's high to $75.53, a 2009 intraday peak and highest since $75.69 on Oct. 21, 2008.
* NYMEX November crude earlier settled up $1.03, or 1.39 percent, at $75.18, the highest since the $78.63 close on Oct. 14, 2008. It traded from $74.40 to $75.40 in regular hours.
* NYMEX November crude oil options expire on Thursday.
* In London, November Brent crude rose 95 cents, or 1.31 percent to $73.35 a barrel. It had settled up 70 cents, or 0.97 percent, at $73.10, trading from $72.32 to $73.45, the highest since the $74.23 intraday high on Aug. 25.
* NYMEX November RBOB jumped 4.04 cents, or 2.21 percent, to $1.8722 a gallon, after extending the day's high to $1.8743, the highest intraday price since Aug. 31's $2.07. It earlier settled up 2.57 cents, or 1.4 percent, at $1.8575, the highest close since Aug. 31's $1.9859. It traded from $1.8390 to $1.8609 in regular hours.
* NYMEX November heating oil rose 2.26 cents, or 1.18 percent to $1.9460 a gallon, with the day's high rising to $1.9510, the highest intraday since Aug. 11's $1.9621. It settled earlier up 1.93 cents, or 1.0 percent, at $1.9427, the highest close since Aug. 5's $1.9569. It traded from $1.9217 to $1.9467 in regular hours.
* The November/November RBOB crack spread ended at $2.84, up slightly from $2.79 on Tuesday. The November/November heating oil crack spread ended at $6.41, gaining from $6.32 on Tuesday.
* The spread between the current front month and the five-year forward crude contract ended at $13.06, narrowing from $14.09 on Tuesday. The November 2014 contract settled at $88.24, unchanged from Tuesday.
MARKET NEWS
* Sales at U.S. retailers fell in September, hurt by a slump in motor vehicle purchases as government incentives ended, but the decline was less than expected.
* The International Energy Agency is concerned about the rapid rise in oil prices and the risks to economic recovery - Executive Director Nobuo Tanaka.
* Temperatures will average below or much below normal in the eastern half of the United States during the next several days - private forecaster DTN Meteorlogix.
(Reporting by Gene Ramos and Robert Gibbons; Editing by David Gregorio) 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.
Gasoline futures rose further and heating oil futures climbed higher as the distillates data from the American Petroleum Institute showed that while supplies rose, the increase was within the range of expectations.
'The API data showing crude and gasoline stocks down play into the market's bullish scenario today,' said Phil Flynn, analyst at PFGBest Research in Chicago.
'I don't think that the data, in and of themselves, could move the market radically farther from where we left off today, but traders will still be waiting to see if the industry data is confirmed by tommorow's report from the EIA,' he added.
The API said domestic crude stocks fell 172,000 barrels last week, in a report delayed a day due to Monday's Columbus Day holiday.
Gasoline stocks slid 2.7 million barrels and distillate supplies, which include heating oil and diesel fuel, rose 219,000 barrels, the industry group said.
A Reuters poll forecast crude stocks to have risen 700,000 barrels last week. Gasoline stocks were forecast up 800,000 barrels and distillates up 100,000 barrels.
The U.S. Energy Information Administration report will be released at 11 a.m. EDT (1500 GMT) on Thursday.
Earlier, crude futures settled for the fifth day in a row, notching the highest level in a year as a weakened dollar sparked widespread buying of commodities.
Optimism about an economic recovery lifted Wall Street as equities bellwethers reported higher quarterly profits, and that fueled hopes of better oil demand.
The Reuters-Jefferies CRB index rose to an 11-month high as a weakened dollar prompted investors to buy commodities across the board.
The Dow Jones industrial average pierced the 10,000 level for the first time in a year on surprisingly robust company results and better-than-expected retail sales..
The dollar slid to a 14-month low against a basket of currencies and the euro as Wall Street surged.
Minutes of the last policy meeting of the Federal Reserve showed official do not consider inflation an imminent threat, also undermining the dollar.
PRICES
* On the New York Mercantile Exchange, November crude at 5:15 p.m. EDT (1715 GMT), the end of the day's electronic trading, November crude was up $1.18, or 1.59 percent, at $75.33 a barrel, after extending the day's high to $75.53, a 2009 intraday peak and highest since $75.69 on Oct. 21, 2008.
* NYMEX November crude earlier settled up $1.03, or 1.39 percent, at $75.18, the highest since the $78.63 close on Oct. 14, 2008. It traded from $74.40 to $75.40 in regular hours.
* NYMEX November crude oil options expire on Thursday.
* In London, November Brent crude rose 95 cents, or 1.31 percent to $73.35 a barrel. It had settled up 70 cents, or 0.97 percent, at $73.10, trading from $72.32 to $73.45, the highest since the $74.23 intraday high on Aug. 25.
* NYMEX November RBOB jumped 4.04 cents, or 2.21 percent, to $1.8722 a gallon, after extending the day's high to $1.8743, the highest intraday price since Aug. 31's $2.07. It earlier settled up 2.57 cents, or 1.4 percent, at $1.8575, the highest close since Aug. 31's $1.9859. It traded from $1.8390 to $1.8609 in regular hours.
* NYMEX November heating oil rose 2.26 cents, or 1.18 percent to $1.9460 a gallon, with the day's high rising to $1.9510, the highest intraday since Aug. 11's $1.9621. It settled earlier up 1.93 cents, or 1.0 percent, at $1.9427, the highest close since Aug. 5's $1.9569. It traded from $1.9217 to $1.9467 in regular hours.
* The November/November RBOB crack spread ended at $2.84, up slightly from $2.79 on Tuesday. The November/November heating oil crack spread ended at $6.41, gaining from $6.32 on Tuesday.
* The spread between the current front month and the five-year forward crude contract ended at $13.06, narrowing from $14.09 on Tuesday. The November 2014 contract settled at $88.24, unchanged from Tuesday.
MARKET NEWS
* Sales at U.S. retailers fell in September, hurt by a slump in motor vehicle purchases as government incentives ended, but the decline was less than expected.
* The International Energy Agency is concerned about the rapid rise in oil prices and the risks to economic recovery - Executive Director Nobuo Tanaka.
* Temperatures will average below or much below normal in the eastern half of the United States during the next several days - private forecaster DTN Meteorlogix.
(Reporting by Gene Ramos and Robert Gibbons; Editing by David Gregorio) 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.