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NYMEX-Crude steady near $76 ahead of EIA stockpile data

25.11.2009 , Reuters

TOKYO, Nov 25 (Reuters) - U.S. crude futures hovered just under $76 a barrel on Wednesday, after falling 2 percent the previous day, ahead of a government report on U.S. oil stocks and after an earlier industry report showed a big build in crude inventories.

FUNDAMENTALS

* NYMEX crude for January delivery <CLc1> was down 8 cents at $75.94 a barrel by 0028 GMT, after settling down $1.54 on Tuesday, following data showing the U.S. economy grew at a slower-than-expected pace last quarter, which could hurt crude demand. [ID:nSIN460213]

* U.S crude oil stocks grew 3.3 million barrels in the week to Nov. 20, the American Petroleum Institute trade group said after Tuesday's close, eclipsing forecasts of a 1.2-million barrel build from analysts polled by Reuters this week. [API/S]

The U.S. government's Energy Information Administration (EIA) will release its own weekly oil statistics later on Wednesday. [EIA/S]

* The U.S. economy grew more slowly than first thought in the third quarter, an estimate published on Tuesday showed, but a fifth month of gains in house prices in September and an improvement in consumer morale signalled the anemic recovery was intact. [ID:nN24296971]

MARKETS NEWS

* Japan's Nikkei stock average slipped 0.4 percent on Wednesday, hitting a fresh four-month low, with banks dragging it lower. [.T]

* The dollar fell to a six-week low against the yen on Tuesday after a mixed bag of U.S. data kept worries about an economic recovery alive, enhancing the appeal of the Japanese currency. [FRX/]

* The 19-commodity Reuters-Jefferies CRB index <.CRB>, which tracks 19 mostly U.S.-traded futures markets, fell 1.0 percent on Tuesday as commodities dropped broadly with forecasts for slower-than-expected U.S. growth prompting investors to trim risks. [COM/WRAP]

DATA/EVENTS

* The following data is expected on Wednesday:

- U.S. Durable Goods for October (1330 GMT)

- Weekly U.S. Jobless Claims (1330 GMT)

- U.S. New Home Sales for October (1500 GMT)

- U.S. ECRI Weekly Economic Index (1530 GMT)

- EIA Weekly U.S. Petroleum Stocks and Output Data (1530 GMT)

RELATED NEWS > US FDIC fund falls into red, Bair urges lending [nN24304482] > World oil demand growth to outpace supply in 2010 [nGEE5AN0LQ] > U.S. oil refinery rates seen below normal thru Jan [nN24304750] > Iran says needs guarantees to send uranium abroad [nHAF426417]

PRICES Oil prices as of 0028 GMT Contract Mnth Price Change Day ago pct MA-20* NYMEX Contracts US Crude JAN0 $75.94 -0.08 -$1.54 -1.99% $78.30 Heat Oil DEC9 194.79 -0.18 -3.02 -1.53% 202.36 RBOB DEC9 193.30 -0.60 -4.04 -2.04% 197.72 Natgas JAN0 $4.779 +0.013 -$0.025 -0.52% $4.588 ICE Contracts Brent JAN0 n/a -$1.00 -1.29% $77.36 Gasoil DEC9 n/a -$26.50 -4.22% $625.75 Note: U.S. heating oil and RBOB gasoline contracts listed in cents per gallon. * = 20-day moving average for continuation month. (Reporting by James Topham; Editing by Joseph Radford) ((james.topham@thomsonreuters.com; +813 6441 1858; Reuters Messaging: james.topham.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]