TOKYO, Jan 18 (Reuters) - U.S. crude futures stood little
changed above $91 a barrel on Tuesday after falling the previous
day when the dollar strengthened and a major Alaskan oil pipeline
resumed full operations.
FUNDAMENTALS
* NYMEX crude for February delivery <CLc1>, which expires on
Thursday, stood at $91.09 a barrel by 0008 GMT, little changed
from $91.02 in electronic trading late on Monday.
NYMEX floor trading was closed on Monday for the Martin
Luther King Day holiday. On Friday, the contract had settled at
$91.54.
* Alaska's crude oil pipeline resumed operations on Monday,
restoring the flow of about 12 percent of U.S. oil production
nearly a week and a half after the line was shut due to a leak.
[]
A bypass line to circumvent the leak was completed earlier on
Monday and operators are expecting to ramp up throughput to
500,000 barrels per day (bpd) within 24 hours.
* In its monthly report on market conditions, OPEC maintained
its view that consumers have enough oil, blaming the run-up in
prices on the early onset of winter weather and an increase in
investment flows into commodities.
OPEC increased its global oil demand growth forecast by
50,000 barrels per day (bpd) to 1.23 million bpd in 2011, and
said the world oil market remained well supplied and inventories
should build in the first half of the year. []
* The UAE's oil minister said fluctuating prices were not a
worry. "The price keeps going up and down and all I can say for
now is that we are happy," Mohammed al-Hamli told reporters.
* The head of the International Energy Agency, Nobuo Tanaka,
said on Monday oil prices were alarming at current levels and
would have a negative impact.
MARKETS NEWS
* The euro stayed on the back foot early in Asia on Tuesday,
having fallen across the board as uncertainty grew over whether
officials will agree to beef up a euro zone safety fund this
week, putting the currency on shaky ground again. []
DATA/EVENTS
* The following data is expected on Tuesday: (Times in GMT)
- 0130 Australia Fortescue production Q4 <FMG.AX>
- 0430 Japan Industrial output Nov <JPIP4=ECI>
- 0430 Australia Rio Tinto Q4 <RIO.AX>
- 0800 OECD IEA oil market report Jan []
- 1000 Germany ZEW economic sentiment Jan <DEZEWS=ECI>
- 1400 U.S. Net capital inflows Nov <USNCIO=ECI>
- 1500 U.S. NAHB housing market indx Jan <USNAHB=ECI>
RELATED NEWS
> Euro slips before euro zone meet; shares soft []
PRICES
Oil prices as of 0008 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude FEB1 $91.09 -0.45 +$0.14 +0.15% $90.31
Heat Oil FEB1 262.86 -1.66 +3.61 +1.38% 253.89
RBOB FEB1 248.20 -1.26 +4.87 +1.99% 242.51
Natgas FEB1 $4.517 +0.037 +$0.073 +1.66% $4.345
ICE Contracts
Brent MAR1 -- +0.00 -$0.95 -0.97% $94.89
Gasoil FEB1 -- +0.00 -$1.00 -0.12% $781.34
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 Chris Gallagher)
