* EIA: crude stocks rise, gasoline supplies fall
* Dollar up over 1 pct against major currencies
NEW YORK, June 3 (Reuters) - U.S. crude futures fell more than 3 percent on Wednesday, battered by government data showing a large, surprise increase in crude inventories and as the dollar rebounded strongly.
Gasoline and heating oil futures ended sharply lower as well as traders took profits from a recent rally in energy futures that had catapulted prices to multimonth highs.
The fall in crude futures began early as the dollar rebounded after favorable comments from Asian monetary sources that they would keep buying U.S. Treasuries even if the U.S. credit rating were downgraded. [USD/]
In late trading, the dollar remained more than 1 percent higher against a basket of major currencies.
"The crude build and the dollar's rise are the major factors in today's drop in crude oil futures," said Andy Lebow, broker at MF Global in New York.
"Prices rallied recently based on hopes of improving oil demand but the latest data doesn't support that line of thinking," he said.
PRICES
* On the New York Mercantile Exchange, July crude CLN9 settled down $2.43, or 3.54 percent, at $66.12 a barrel, trading from $64.95 to $68.95.
* July crude hit an intraday high of $69.05 on Tuesday, the highest front-month price since $70.46 was reached on Nov. 5.
* In London, July Brent crude LCON9 ended down $2.29, or 3.36 percent, at $65.88 a barrel, trading from $64.91 to $68.65.
* NYMEX July RBOB RBN9 settled down 2.36 cents, or 1.23 percent, at $1.9016 a gallon, trading from $1.8591 to $1.94.
* NYMEX July heating oil HON9 ended down 5.95 cents, or 3.31 percent, at $1.7384 a gallon, trading from $1.7104 to $1.7995.
* The July/July RBOB crack spread <0#RB-CL=R> ended at $13.75, up from $12.31 on Tuesday. The July/July heating oil crack spread <0#CL-HO=R> ended at $6.89 down from $6.96 on Tuesday.
* The spread between the current front month and the five-year forward crude contract CLc61 ended at $16.07 widening from $13.80 on Tuesday. The July 2014 contract settled at $82.19, down 16 cents, or 0.19 percent.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $64.73/$61.40
Technical support/resistance:
NYMEX crude: $66.80/$71.77
NYMEX heating oil: $1.7180/$1.8410
NYMEX RBOB: $1.8850/$1.9505
For a report on technicals click [ID:nL3507250]
MARKET NEWS
* The U.S. Energy Information Administration said that domestic crude inventories rose 2.9 million barrels to 366 million barrels, going against the forecast in a Reuters poll for a 1.4 million barrel drawdown. [EIA/S]
* Crude stocks at the Cushing, Oklahoma, delivery hub for NYMEX-traded oil fell 800,000 barrels to 29.9 million barrels.
* Gasoline supplies dipped 200,000 barrels to 203.2 million barrels against the forecast for a 400,000 barrel stock build.
* Distillate stocks rose 1.6 million barrels to 150 million barrels. The forecast was for a 1.0 million barrel increase.
* American Petroleum Institute oil inventory data released late Tuesday showed crude supplies fell last week, but by less than forecast. [ID:nN02518291]
* U.S. equities hit session lows on weaker-than-expected factory orders and services data and as energy shares fell after the surprise crude stock build. [.N]
* U.S. private employers chopped more than half a million jobs in May, according to the ADP National Employment Report released on Wednesday. [ID:nN03546607]
* OPEC oil supply rose in May, a Reuters survey showed. Supply from the 11 OPEC members bound by output targets rose to 25.91 million barrels per day from a revised 25.62 million bpd in April, according to the poll. [ID:nL31011157]
* U.S. President Barack Obama met Saudi King Abdullah in Riyadh ahead of a speech in Cairo.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment