NEW YORK, Nov 17 (Reuters) - U.S. crude oil futures rose
slightly in post-setttlement trading on Tuesday after industry
inventory data showed a larger-than-expected drawdown in domestic
crude stocks last week.
Heating oil futures also extended gains as the data from the American Petroleum Institute showed heating oil inventories fell, even though total distillate stocks, which include diesel fuel, rose. The forecast was for a drawdown in distillates.
Gasoline futures also rose further as the API reported a drawdown in gasoline stocks, against the forecast for stocks to have been unchanged from the previous week.
The API said that for the week to Nov. 13, crude stocks fell 4.4 million barrels, distillate stocks rose 507,000 barrels and gasoline supplies declined 963,000 barrels.
'At the outset, the API numbers on crude don't seem to add up, with the heavy crude stock drawdown even as it reported imports to be up and crude runs down,' said Phil Flynn, analyst at PFGBest Research in Chicago.
'But on a closer look, the stocks in PADD 3, the Gulf Coast, shows a big decline of 8.1 million barrels. So the storm probably impacted last week's import inflow. With API's data showing stocks up in other PADDs (except PADD IV), we have to assume imports likely flowed to those areas,' he added.
Earlier, crude futures ended higher, supported by a surge in refined product futures.
Traders were awaiting the U.S. Energy Information Administration's inventory data due on Wednesday at 10:30 a.m. EST (1530 GMT), to see if the API data will be confirmed.
An expanded Reuters poll of 15 analysts on Tuesday forecast a 300,000 barrel drawdown in crude stocks and a 700,000 barrel decline in distillate supplies.
The dollar rebounded strongly from a 15-month low after Federal Reserve Chairman Ben Bernanke's rare comments on the currency on Monday spurred traders to trim long-term bets against the greenback.
Wall Street hit fresh 13-month highs on upbeat broker views on two bellwether companies, offsetting dour holiday spending outlooks for two retailers.
PRICES
* On the New York Mercantile Exchange at 5:10 p.m. EDT (2210 GMT), December crude was up 44 cents, or 0.56 percent, at $79.34 a barrel. It had settled earlier up 24 cents, or 0.3 percent, at $79.14.
* In London, January Brent crude was up 49 cents, or 0.62 percent, at $79.25 a barrel. It had settled up 21 cents, or 0.27 percent, at $78.97.
* NYMEX December RBOB was up 2.82 cents, or 1.42 percent, at $2.0150 a gallon. It had settled up 1.81 cents, or 0.91 percent, at $2.0049.
* NYMEX December heating oil was up 3.30 cents, or 1.62 percent, at $2.0650 a gallon. It had settled up 2.65 cents, or 1.3 percent, at $2.0585.
* The December/December RBOB crack spread ended at $5.07, rising from $4.55 on Monday. The December/December heating oil crack spread ended at $7.32, gaining from $6.44 on Monday.
* The spread between the current front month and the five-year forward crude contract ended at $13.87, widening from $13.57 on Monday. The December 2014 contract settled Tuesday at $93.01.
For a full report on technicals, click on
MARKET NEWS
* Gasoline demand averaged 9.224 million barrels per day during the week ending Nov. 13, up 1.4 percent from the previous week, according to the weekly report from MasterCard SpendingPulse.
* Valero Energy Corp said it shut three modules of a 105,000 bpd coker at its 325,000 bpd Port Arthur, Texas refinery to repair cracks in the coke drums.
* Frontier Oil said that its 130,000-bpd refinery in El Dorado, Kansas, will run at 76,000 bpd in November, down from a previous estimate of 81,500 bpd, due to an extended turnaround.
* Kuwait's oil minister said he expected OPEC to keep output levels unchanged but push for better compliance at the group's December meeting.
(Reporting by Gene Ramos and Robert Gibbons; 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.
Heating oil futures also extended gains as the data from the American Petroleum Institute showed heating oil inventories fell, even though total distillate stocks, which include diesel fuel, rose. The forecast was for a drawdown in distillates.
Gasoline futures also rose further as the API reported a drawdown in gasoline stocks, against the forecast for stocks to have been unchanged from the previous week.
The API said that for the week to Nov. 13, crude stocks fell 4.4 million barrels, distillate stocks rose 507,000 barrels and gasoline supplies declined 963,000 barrels.
'At the outset, the API numbers on crude don't seem to add up, with the heavy crude stock drawdown even as it reported imports to be up and crude runs down,' said Phil Flynn, analyst at PFGBest Research in Chicago.
'But on a closer look, the stocks in PADD 3, the Gulf Coast, shows a big decline of 8.1 million barrels. So the storm probably impacted last week's import inflow. With API's data showing stocks up in other PADDs (except PADD IV), we have to assume imports likely flowed to those areas,' he added.
Earlier, crude futures ended higher, supported by a surge in refined product futures.
Traders were awaiting the U.S. Energy Information Administration's inventory data due on Wednesday at 10:30 a.m. EST (1530 GMT), to see if the API data will be confirmed.
An expanded Reuters poll of 15 analysts on Tuesday forecast a 300,000 barrel drawdown in crude stocks and a 700,000 barrel decline in distillate supplies.
The dollar rebounded strongly from a 15-month low after Federal Reserve Chairman Ben Bernanke's rare comments on the currency on Monday spurred traders to trim long-term bets against the greenback.
Wall Street hit fresh 13-month highs on upbeat broker views on two bellwether companies, offsetting dour holiday spending outlooks for two retailers.
PRICES
* On the New York Mercantile Exchange at 5:10 p.m. EDT (2210 GMT), December crude was up 44 cents, or 0.56 percent, at $79.34 a barrel. It had settled earlier up 24 cents, or 0.3 percent, at $79.14.
* In London, January Brent crude was up 49 cents, or 0.62 percent, at $79.25 a barrel. It had settled up 21 cents, or 0.27 percent, at $78.97.
* NYMEX December RBOB was up 2.82 cents, or 1.42 percent, at $2.0150 a gallon. It had settled up 1.81 cents, or 0.91 percent, at $2.0049.
* NYMEX December heating oil was up 3.30 cents, or 1.62 percent, at $2.0650 a gallon. It had settled up 2.65 cents, or 1.3 percent, at $2.0585.
* The December/December RBOB crack spread ended at $5.07, rising from $4.55 on Monday. The December/December heating oil crack spread ended at $7.32, gaining from $6.44 on Monday.
* The spread between the current front month and the five-year forward crude contract ended at $13.87, widening from $13.57 on Monday. The December 2014 contract settled Tuesday at $93.01.
For a full report on technicals, click on
MARKET NEWS
* Gasoline demand averaged 9.224 million barrels per day during the week ending Nov. 13, up 1.4 percent from the previous week, according to the weekly report from MasterCard SpendingPulse.
* Valero Energy Corp said it shut three modules of a 105,000 bpd coker at its 325,000 bpd Port Arthur, Texas refinery to repair cracks in the coke drums.
* Frontier Oil said that its 130,000-bpd refinery in El Dorado, Kansas, will run at 76,000 bpd in November, down from a previous estimate of 81,500 bpd, due to an extended turnaround.
* Kuwait's oil minister said he expected OPEC to keep output levels unchanged but push for better compliance at the group's December meeting.
(Reporting by Gene Ramos and Robert Gibbons; 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.