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NYMEX-Crude rebounds as U.S. crude stocks fall unexpectedly

16.02.2011 , Reuters

SEOUL, Feb 16 (Reuters) - U.S. crude futures recovered slightly in early Asian trade on Wednesday after the American Petroleum Institute (API) said U.S. crude stocks fell unexpectedly last week as imports dropped.

Concerns over possible supply disruption also buoyed the markets as unrest in the Middle East continued in Bahrain, Iran and Yemen.

FUNDAMENTALS

* NYMEX crude for March delivery was up 0.23 cents, or 0.27 percent, at $84.55 a barrel by 2338 GMT. It settled down 0.58 percent on Tuesday at $84.32 a barrel, the lowest close since Nov. 30, 2010, when front-month crude closed at $84.11.

* U.S. crude's discount against Brent crude was at $14.09 <CL-LCO1=R>, widening the spread after closing at $14.07.

* ICE Brent April crude was down 1.44 cents, or 1.40 percent, at $101.83 a barrel against its close at $101.64.

MARKETS NEWS

* U.S. crude stocks fell by 354,000 barrels last week against a Reuters' poll of analysts that forecast a 2.2 million barrel rise, the American Petroleum Institute (API) said late on Tuesday. Gasoline stocks rose 1.2 million barrels, broadly in line with analysts' expectations.

* U.S. gasoline demand fell 3 percent in the week to Feb. 11, to 8.46 million barrels per day, the MasterCard Advisors' SpendingPulse report showed.

* Chinese inflation was lower than forecast at 4.9 percent in the year to January, but price pressures continued to build and will force the central bank to stick to its course of gradual monetary tightening.

* Shi'ite protesters prepared to camp out in Bahrain's capital on Tuesday after a day of protests in which a man was shot dead in clashes with police at a funeral for a demonstrator shot the day before.

* Iranian lawmakers called for the death penalty for opposition leaders they accused of fomenting unrest.

* Hundreds of anti-government protesters and government loyalists fought with rocks and batons in Sanaa, the Yemeni capital, in political unrest fueled by the Egyptian uprising.

* North Sea oil output will fall by 8.6 percent in March from a year earlier, illustrating the gradual drop in supply from the home of the Brent benchmark used to value two-thirds of the world's oil.

* The U.S. stock market slipped off a 2-1/2-year high on Tuesday after data showed January retail sales had risen less than expected. The Standard & Poor's 500 Index fell 0.32 percent to 1,328.01. The Dow Jones industrial average lost 0.34 percent to 12,226.64. The Nasdaq Composite Index slipped 0.46 percent at 2,804.35.

* The U.S. dollar climbed against the yen to its highest in eight weeks on Tuesday, boosted by the recent rise in U.S. Treasury yields, with more gains seen likely if bond markets continue to factor in inflation. The euro was last little changed against the dollar at $1.3488.

* Copper unravelled from a record high, posting its biggest one-day slide in three weeks, as rising inflation in China affected the short-term demand view and raised the possibility of more monetary tightening.

UPCOMING DATA/EVENTS (GMT)

0001 UK nationwide consumer confidence for Jan

0500 Bank of Japan releases monthly economic report

1030 Bank of England quarterly inflation report

1200 Weekly U.S. mortgage market index

1330 U.S. PPI/CORE PPI for Jan

1530 EIA issues U.S. weekly petroleum stocks and output data (Reporting by Cho Mee-young; Editing by Clarence Fernandez)

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