NEW YORK, April 6 (Reuters) - U.S. crude oil futures nursed
small gains in post-settlement trade on Tuesday after weekly
industry inventory data showed a larger-than-expected gasoline
stock decline and smaller-than-forecast crude stock build.
Gasoline futures posted a minor gain after being flat just before release of the American Petroleum Institute's data and after being down slightly at settlement.
The gasoline drawdown was 'a bullish surprise relative to consensus expectations for a smaller draw, although we note this outcome would be similar to a 3.1-million barrel five-year average drop,' said Tim Evans, energy analyst at Citi Futures Perspective in New York.
Heating oil futures slipped, with the API's report showing that distillate supplies rose, against the forecast for a drawdown. Distillates include heating oil and diesel fuel.
An expanded Reuters poll on Tuesday forecast a 1.8 million-barrel increase in crude inventories last week. Distillate stocks were expected to show a 1.2 million-barrel drawdown and an
800,000
barrel decline in gasoline stocks.
The U.S. Energy Information Administration's inventory data was due to arrive at 10:30 a.m. EDT (1430 GMT) on Wednesday.
Earlier, crude futures settled higher, hitting a fresh
18-month high and extending the front
month contract's winning streak to six straight sessions.
A stronger dollar, a lower oil demand growth forecast and expectations that weekly U.S. petroleum inventory data will show a 10th consecutive increase in crude inventories combined to limit the gains.
Crude futures peaked above $87, the highest intraday level since October 2008, building on Monday's rally that was spurred by stronger economic activity and a better jobs market.
The dollar pared gains against the euro after minutes from the Federal Reserve's last policy meeting showed U.S. interest rates could stay low even longer than anticipated.
Earlier, the euro had fallen broadly against the dollar after news that Greece wants to amend a European Union aid deal rekindled worries about Athens' budget problems.
The U.S. Energy Information Administration cut its 2010 world oil demand growth forecast by 10,000 barrels per day from its previous estimate to 1.46 million bpd.
PRICES
* On the New York Mercantile Exchange, May crude last traded up 15 cents at $86.77 a barrel, after having settled up 22 cents, or 0.25 percent, at $86.84. The day's close was the highest since Oct. 8, 2008's $88.95. It traded from $86.13 to $87.09, the highest since the intraday high of $89.82 on Oct. 9, 2008.
* In six trading sessions, NYMEX front-month crude has gained $6.84, or 8.55 percent, the biggest advance since a 10-day wining span between Dec. 22 and Jan. 6, during which prices rose $10.71 or 14.78 percent.
* In London, May Brent crude was unchanged at its settlement level, at $86.15 a barrel, up 27 cents, or 0.31 percent. Brent also gained for the sixth straight day. It moved from $85.35 to $86.63, highest since Oct. 7, 2008's $87.99.
* NYMEX May RBOB was up 0.19 cent at $2.3521 a gallon, after closing down 0.19 cent, 0.08 percent, at $2.3483, ending a five-day winning streak. It traded from $2.3335 to $2.3560, short of Monday's high of $2.3672, which was the highest since Oct. 2, 2008's $2.4010.
* NYMEX May heating oil was down 0.72 cent, at $2.2603 a gallon, after closing up 0.08 cent, or 0.04 percent, at $2.2683, highest since the Oct. 9, 2008, settlement at $2.4186. It was up also a sixth consecutive day, trading from $2.2571 to $2.2822, highest since Oct. 15, 2008's $2.2908.
* The May/May heating oil crack spread ended at $8.43, down from Monday's $8.61. The May/May RBOB crack spread ended at $11.79, down from Monday's $12.09.
* The spread between the current front month and the five-year forward crude contract ended at $5.07, widening slightly from $4.97 on Monday. The May 2015 contract settled at $91.91, up 32 cents, or 0.35 percent.
MARKET NEWS
* U.S. retail gasoline demand rose 1.2 percent in the week to April 2, MasterCard SpendingPulse reported.
* In India, Treasury Secretary Timothy Geithner said the U.S. economy was looking substantially stronger.
(Reporting by Gene Ramos and Robert Gibbons; Editing by Lisa Shumaker) Keywords: MARKETS ENERGY NYMEX (gene.ramos@thomsonreuters.com; + 1 646 223 6054; Reuters Messaging: gene.ramos.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. 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 posted a minor gain after being flat just before release of the American Petroleum Institute's data and after being down slightly at settlement.
The gasoline drawdown was 'a bullish surprise relative to consensus expectations for a smaller draw, although we note this outcome would be similar to a 3.1-million barrel five-year average drop,' said Tim Evans, energy analyst at Citi Futures Perspective in New York.
Heating oil futures slipped, with the API's report showing that distillate supplies rose, against the forecast for a drawdown. Distillates include heating oil and diesel fuel.
An expanded Reuters poll on Tuesday forecast a 1.8 million-barrel increase in crude inventories last week. Distillate stocks were expected to show a 1.2 million-barrel drawdown and an
800,000
barrel decline in gasoline stocks.
The U.S. Energy Information Administration's inventory data was due to arrive at 10:30 a.m. EDT (1430 GMT) on Wednesday.
Earlier, crude futures settled higher, hitting a fresh
18-month high and extending the front
month contract's winning streak to six straight sessions.
A stronger dollar, a lower oil demand growth forecast and expectations that weekly U.S. petroleum inventory data will show a 10th consecutive increase in crude inventories combined to limit the gains.
Crude futures peaked above $87, the highest intraday level since October 2008, building on Monday's rally that was spurred by stronger economic activity and a better jobs market.
The dollar pared gains against the euro after minutes from the Federal Reserve's last policy meeting showed U.S. interest rates could stay low even longer than anticipated.
Earlier, the euro had fallen broadly against the dollar after news that Greece wants to amend a European Union aid deal rekindled worries about Athens' budget problems.
The U.S. Energy Information Administration cut its 2010 world oil demand growth forecast by 10,000 barrels per day from its previous estimate to 1.46 million bpd.
PRICES
* On the New York Mercantile Exchange, May crude last traded up 15 cents at $86.77 a barrel, after having settled up 22 cents, or 0.25 percent, at $86.84. The day's close was the highest since Oct. 8, 2008's $88.95. It traded from $86.13 to $87.09, the highest since the intraday high of $89.82 on Oct. 9, 2008.
* In six trading sessions, NYMEX front-month crude has gained $6.84, or 8.55 percent, the biggest advance since a 10-day wining span between Dec. 22 and Jan. 6, during which prices rose $10.71 or 14.78 percent.
* In London, May Brent crude was unchanged at its settlement level, at $86.15 a barrel, up 27 cents, or 0.31 percent. Brent also gained for the sixth straight day. It moved from $85.35 to $86.63, highest since Oct. 7, 2008's $87.99.
* NYMEX May RBOB was up 0.19 cent at $2.3521 a gallon, after closing down 0.19 cent, 0.08 percent, at $2.3483, ending a five-day winning streak. It traded from $2.3335 to $2.3560, short of Monday's high of $2.3672, which was the highest since Oct. 2, 2008's $2.4010.
* NYMEX May heating oil was down 0.72 cent, at $2.2603 a gallon, after closing up 0.08 cent, or 0.04 percent, at $2.2683, highest since the Oct. 9, 2008, settlement at $2.4186. It was up also a sixth consecutive day, trading from $2.2571 to $2.2822, highest since Oct. 15, 2008's $2.2908.
* The May/May heating oil crack spread ended at $8.43, down from Monday's $8.61. The May/May RBOB crack spread ended at $11.79, down from Monday's $12.09.
* The spread between the current front month and the five-year forward crude contract ended at $5.07, widening slightly from $4.97 on Monday. The May 2015 contract settled at $91.91, up 32 cents, or 0.35 percent.
MARKET NEWS
* U.S. retail gasoline demand rose 1.2 percent in the week to April 2, MasterCard SpendingPulse reported.
* In India, Treasury Secretary Timothy Geithner said the U.S. economy was looking substantially stronger.
(Reporting by Gene Ramos and Robert Gibbons; Editing by Lisa Shumaker) Keywords: MARKETS ENERGY NYMEX (gene.ramos@thomsonreuters.com; + 1 646 223 6054; Reuters Messaging: gene.ramos.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. 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.