HOUSTON, Dec 30 (Reuters) - U.S. crude futures prices fell
more than 1 percent on Thursday, settling below $90 a barrel as
investors focused on booking year-end profits after the recent
jump by oil to above $91, shrugging off supportive economic
data and a government report showing crude oil inventories fell
last week.
Lower gasoline stockpiles, expected holiday driving demand and hopes that the economic recovery is strengthening helped U.S. gasoline futures finish with a slight gain.
FUNDAMENTALS
* On the New York Mercantile Exchange, February crude fell $1.28, or 1.4 percent, to settle at $89.84 a barrel, trading from $89.02 to $91.40.
* U.S. crude stocks eased by 1.26 million barrels to 339.43 million barrels in the week to Dec. 24, the Energy Information Administration said on Thursday, less than the drop of 2.6 million barrels analysts had expected.
* Crude stocks at the delivery hub for the U.S. crude contract at Cushing, Oklahoma, rose 245,000 barrels to 36.64 million as of Dec. 24, the EIA said.
* Gasoline stocks fell by 2.32 million barrels, the EIA said. Distillate inventories rose 243,000 barrels, against analysts' expectations for a 600,000-barrel draw.
* Supply from the 11 OPEC members with output targets has averaged 26.75 million barrels per day this month, up from 26.70 million bpd in November, according to the survey of oil companies, OPEC officials and analysts.
* Initial claims for jobless aid in the United States fell to their lowest level in more than two years last week and Midwest factory activity grew in December at its fast pace since 1988. Another report showed pending sales of previously owned homes rose more than expected in November.
MARKETS NEWS
* U.S. stocks closed slightly lower as a trio of better-than-expected economic data wasn't enough to entice buyers to take on much risk in a market sitting on strong gains just before the new year.
* The Swiss franc hit record highs against the euro and dollar and looked set to extend gains in the new year as fear a euro zone debt crisis could further boost demand for a safe-haven currency. The dollar index, measuring the greenback against a basket of currencies, weakened.
* Gold eased but prices were still on track to post their biggest yearly rise in three years for a record 10th consecutive annual gain on uncertainty about economic recovery and currencies.
UPCOMING DATA/EVENTS
* NYMEX January RBOB gasoline and heating oil contracts expire on Friday.
SETTLE NET PCT LOW HIGH CURRENT DAY AGO
CHNG CHNG VOL VOL CLc1 89.84 -1.28 -1.4% 89.02 91.40 195,157 117,853 CLc2 90.69 -1.17 -1.3% 89.90 92.32 66,165 37,772 LCOc1 93.09 -1.05 -1.1% 92.34 94.42 104,227 78,317 RBc1 2.3918 0.0014 0.1% 2.3673 2.4164 8,448 20,307 RBc2 2.3848 -0.0037 -0.2% 2.3597 2.4133 30,243 26,853 HOc1 2.4854 -0.0361 -1.4% 2.4687 2.5309 8,305 18,401 HOc2 2.4999 -0.0340 -1.3% 2.4821 2.5452 36,573 29,679
TOTAL MARKET VOLUME OPEN INTEREST
CURRENT Dec 29 30D AVG Dec 29 NET CHNG CRUDE 385,926 249,329 553,099 1,406,847 -4,858 RBOB 64,751 66,342 108,860 277,224 -4,090 HO 75,969 73,885 103,193 305,340 -3,484
(Reporting by Robert Gibbons; Editing by David Gregorio) Keywords: MARKETS ENERGY NYMEX (robert.gibbons@thomsonreuters.com; +1 646 223 6059; Reuters Messaging: robert.gibbons.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.
Lower gasoline stockpiles, expected holiday driving demand and hopes that the economic recovery is strengthening helped U.S. gasoline futures finish with a slight gain.
FUNDAMENTALS
* On the New York Mercantile Exchange, February crude fell $1.28, or 1.4 percent, to settle at $89.84 a barrel, trading from $89.02 to $91.40.
* U.S. crude stocks eased by 1.26 million barrels to 339.43 million barrels in the week to Dec. 24, the Energy Information Administration said on Thursday, less than the drop of 2.6 million barrels analysts had expected.
* Crude stocks at the delivery hub for the U.S. crude contract at Cushing, Oklahoma, rose 245,000 barrels to 36.64 million as of Dec. 24, the EIA said.
* Gasoline stocks fell by 2.32 million barrels, the EIA said. Distillate inventories rose 243,000 barrels, against analysts' expectations for a 600,000-barrel draw.
* Supply from the 11 OPEC members with output targets has averaged 26.75 million barrels per day this month, up from 26.70 million bpd in November, according to the survey of oil companies, OPEC officials and analysts.
* Initial claims for jobless aid in the United States fell to their lowest level in more than two years last week and Midwest factory activity grew in December at its fast pace since 1988. Another report showed pending sales of previously owned homes rose more than expected in November.
MARKETS NEWS
* U.S. stocks closed slightly lower as a trio of better-than-expected economic data wasn't enough to entice buyers to take on much risk in a market sitting on strong gains just before the new year.
* The Swiss franc hit record highs against the euro and dollar and looked set to extend gains in the new year as fear a euro zone debt crisis could further boost demand for a safe-haven currency. The dollar index, measuring the greenback against a basket of currencies, weakened.
* Gold eased but prices were still on track to post their biggest yearly rise in three years for a record 10th consecutive annual gain on uncertainty about economic recovery and currencies.
UPCOMING DATA/EVENTS
* NYMEX January RBOB gasoline and heating oil contracts expire on Friday.
SETTLE NET PCT LOW HIGH CURRENT DAY AGO
CHNG CHNG VOL VOL CLc1 89.84 -1.28 -1.4% 89.02 91.40 195,157 117,853 CLc2 90.69 -1.17 -1.3% 89.90 92.32 66,165 37,772 LCOc1 93.09 -1.05 -1.1% 92.34 94.42 104,227 78,317 RBc1 2.3918 0.0014 0.1% 2.3673 2.4164 8,448 20,307 RBc2 2.3848 -0.0037 -0.2% 2.3597 2.4133 30,243 26,853 HOc1 2.4854 -0.0361 -1.4% 2.4687 2.5309 8,305 18,401 HOc2 2.4999 -0.0340 -1.3% 2.4821 2.5452 36,573 29,679
TOTAL MARKET VOLUME OPEN INTEREST
CURRENT Dec 29 30D AVG Dec 29 NET CHNG CRUDE 385,926 249,329 553,099 1,406,847 -4,858 RBOB 64,751 66,342 108,860 277,224 -4,090 HO 75,969 73,885 103,193 305,340 -3,484
(Reporting by Robert Gibbons; Editing by David Gregorio) Keywords: MARKETS ENERGY NYMEX (robert.gibbons@thomsonreuters.com; +1 646 223 6059; Reuters Messaging: robert.gibbons.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.