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NYMEX-Crude steady after fall on U.S. crude build

03.12.2009 , Reuters

TOKYO, Dec 3 (Reuters) - U.S. crude futures stood little changed on Thursday after slipping 2.3 percent a day earlier on a larger-than-expected build in U.S. crude inventories.

FUNDAMENTALS

* NYMEX crude for January delivery <CLc1> was up 15 cents at $76.75 a barrel by 2354 GMT, after settling down $1.77 at $76.60 on Wednesday.

* Wednesday's losses, which stemmed a two-day advance, came after U.S. government data showed crude stocks rose 2.1 million barrels last week, topping the forecast for a 400,000 barrel rise in a Reuters poll. [EIA/S]

Gasoline futures slumped on Wednesday as the data from the U.S. Energy Information Administration showed gasoline stocks increased much more than forecast. Distillate stocks fell 1.2 million barrels, against the forecast for a 300,000-barrel drop.

* Russia set a fourth consecutive monthly record for crude oil output in November to retain its position as the world's largest producer. [ID:nGEE5B10AC]

* The head of the International Energy Agency said on Wednesday that there is plenty of oil supplies in the market to meet global oil demand. [ID:nWNA9258]

The global oil market is "very well supplied," said IEA's Nobuo Tanaka at a briefing at the Center for Strategic and International Studies think tank in Washington, D.C.

MARKETS NEWS

* The Nasdaq rose on Wednesday as strong online holiday sales boosted shares of retailers, including Amazon.com <AMZN.O>, and relieved some concerns about consumer spending.

The Dow edged lower as falling oil prices prompted investors to sell energy shares, while the Standard & Poor's index finished flat. [.N]

* The yen was on the defensive on Thursday on growing investor speculation that Japan may take more quantitative easing steps to get the economy out of deflation and as prospects of currency intervention loomed large.

Talk of intervention got a boost after Japanese Prime Minister Yukio Hatoyama said the yen's recent rise could not be left alone. [USD/]

DATA/EVENTS

* The following data is expected on Thursday:

- 0858 GMT--Euro Zone Markit Services PMI/Nov

- 1000 GMT--Euro Zone GDP/Q3-Revised

- 1245 GMT--ECB Rate Decision/Dec

- 1330 GMT--U.S. Productivity/Q3-Revised

- 1330 GMT--U.S. Initial Jobless Benefit Claims/Weekly

- 1500 GMT--U.S. ISM Non-mfg (Service) Index/Nov

- No set time: U.S. ICSC Monthly Chain Stores Sales/Nov

RELATED NEWS > US shares end mixed, gold and US dollar gain [MKTS/GLOB] > Gold sets record despite strong dollar [COM/WRAP]

PRICES Oil prices as of 2354 GMT Contract Mnth Price Change Day ago pct MA-20* NYMEX Contracts US Crude JAN0 $76.75 +0.15 -$1.77 -2.26% $78.01 Heat Oil JAN0 204.00 +0.36 -4.16 -2.00% 202.02 RBOB JAN0 199.89 +0.61 -4.95 -2.42% 197.82 Natgas JAN0 $4.554 +0.024 -$0.232 -4.87% $4.606 ICE Contracts Brent JAN0 -- +0.00 -$1.47 -1.85% $77.70 Gasoil DEC9 -- +0.00 -$16.00 -2.53% $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; Editing by Edwina Gibbs) ((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]