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NYMEX-Crude pares 1.4 pct gain after API data

02.12.2009 , Reuters

TOKYO, Dec 2 (Reuters) - U.S. crude futures pared gains on Wednesday after industry data showed that U.S. crude stocks rose much more than expected.

FUNDAMENTALS

* NYMEX crude for January delivery <CLc1> was down 38 cents at $77.99 a barrel by 0005 GMT, after settling up $1.09, or 1.4 percent at $78.37 on Tuesday.

* The American Petroleum Institute data, released after Tuesday's settlement, showed that U.S. crude stocks rose 2.9 million barrels last week, dwarfing the forecast in a Reuters poll for a 400,000 barrel increase. [EIA/S]

The data also showed distillate stocks rose 1.1 million barrels, defying the forecast that supplies fell 300,000 barrels, while gasoline stocks jumped 3.4 million barrels against the forecast of just a 1.0 million barrel increase.

The U.S. Energy Information Administration will issue its petroleum report later in the day.

* Tuesday's gains got support from a weaker dollar and solid manufacturing data from China that raised hopes of a rebound in energy demand.

* This year's Atlantic hurricane season gave the nation's energy hub a break, slipping out almost as quietly as it arrived.

The season from June 1 to Nov. 30 was among the least active in a decade, producing only two cyclones that made U.S. landfall. [ID:nN01518295]

MARKETS NEWS

* The Dow Jones industrial average climbed to its highest close in 14 months on Tuesday as a weak dollar boosted natural resource companies' shares and economic data reinforced hopes for a sustainable recovery. [.N]

Sentiment also got a lift as concerns receded about the impact of Dubai's debt trouble after news that Dubai World planned to restructure about $26 billion in debt.

* The U.S. dollar fell against the euro on Tuesday as worries about Dubai's debt problems eased, while rising stock and commodity prices also dimmed the greenback's safe-haven allure. [USD/]

The yen weakened after the Bank of Japan announced more monetary easing measures to fight deflation and help the ailing economy while holding interest rates at 0.1 percent.

DATA/EVENTS

* The following data is expected on Wednesday:

- 1000 GMT--Euro Zone Producer Prices/Oct

- 1230 GMT--U.S. Challenger Layoffs/Nov

- 1315 GMT--U.S. ADP (Private) Nat'l Employment/Nov

- 1530 GMT--U.S. EIA Petroleum stocks/Wkly

- 1900 GMT--U.S. Fed Beige Book

RELATED NEWS > BP starts Alaskan oil spill cleanup, may take weeks[nN01517265] > Conoco completes Trainer, Wood River maintenance [nN01514859]

PRICES Oil prices as of 0005 GMT Contract Mnth Price Change Day ago pct MA-20* NYMEX Contracts US Crude JAN0 $77.99 -0.38 +$1.09 +1.41% $78.16 Heat Oil JAN0 206.75 -1.05 +3.01 +1.47% 202.21 RBOB JAN0 202.96 -1.27 +3.08 +1.53% 197.86 Natgas JAN0 $4.706 -0.056 -$0.086 -1.77% $4.626 ICE Contracts Brent JAN0 -- +0.00 +$0.88 +1.12% $77.70 Gasoil DEC9 -- +0.00 +$19.25 +3.13% $622.09 Note: U.S. heating oil and RBOB gasoline contracts listed in cents per gallon. * = 20-day moving average for continuation month. (Reporting by Osamu Tsukimori) ((osamu.tsukimori@thomsonreuters.com ; +813 6441 1857; Reuters Messaging: osamu.tsukimori.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))

RECENT CRUDE OIL TRADES

Asia...[ACRU/T] Europe...[CRU/T] Americas...[CRU/TU]

CRUDE OIL MARKET NEWS

Crude oil tenders in Asia.........[CRU/TENDA]

Crude oil supply outages in Asia............[CRU/OUT-ASIA-O]

Refinery outages in Asia.....[REF/OUT-ASIA-O]

Global arbitrage news and flows..[O/CRUDEARB]

W.African crude imports to Asia, monthly........[O/WAFRICA1]

REFINERY MAINTENANCE DIARIES

Asia...[REF/A] Middle East...[REF/ME] Europe...[REF/E]

NATIONAL CRUDE IMPORT DATA

Japan..............<METI/JP1> China..............[O/CHINA1]