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NYMEX-Crude firms as demand concerns ease, Libya woes linger

14.04.2011 , Reuters

TOKYO, April 14 (Reuters) - U.S. crude futures firmed on Thursday after data showing U.S. gasoline stockpiles plunged last week and lingering worries about the Libyan conflict helped their rebound from below $106 per barrel the previous day.

FUNDAMENTALS

* NYMEX crude for May delivery <CLc1> was down 10 cents at $107.21 a barrel by 0013 GMT. On Wednesday, the contract settled up 86 cents at $107.11 a barrel.

* U.S. crude fell more than $6 in the previous two sessions, driven by cautious comments from Goldman Sachs which said a robust crude rally looked overdone. The International Energy Agency and the Organization of Petroleum Exporting Countries also said expensive oil could hurt global demand.

* U.S. gasoline inventories fell 7 million barrels last week, the biggest weekly drop since October 1998, to 209.7 million barrels, their lowest level since October last year, data from the U.S. Energy Information Administration showed.

* The civil war in OPEC member Libya has shut off most of its production, which was around 1.6 million bpd before unrest began. Rebel-controlled oil fields are pumping around 100,000 barrels per day, but only a "minimal amount" is being exported, a rebel spokesman said on Wednesday. [ID:nLDE73C0HZ]

* A group of Western powers and Middle Eastern states called for the first time on Wednesday for Muammar Gaddafi to step aside, but NATO countries squabbled publicly over stepping up air strikes to help topple him. [ID:nLDE73C2G2]

* Iraq will issue invitations to international energy companies to show interest in new gas exploration contracts in a fourth bidding round, with responses due on May 19, an Iraqi oil official said on Wednesday. [ID:nLDE73C0TX]

MARKETS NEWS

* The dollar held near the previous day's 16-month low against a basket of currencies on Thursday as mixed U.S. data did nothing to change the view that the Federal Reserve would stick to its super-easy monetary policy.

* U.S. stocks finished mostly flat in a choppy session on Wednesday, as investors bet on strong technology earnings even as JPMorgan Chase's numbers weighed on other market sectors.

* Japanese corporate confidence plunged by a record amount in April and is seen worsening further after last month's earthquake and tsunami devastated Japan's northeast and triggered a nuclear crisis, a Reuters poll showed. [ID:nLME7DP00Q]

* Top U.S. and European central bank officials agreed on Wednesday their institutions must withdraw some of the extraordinary support they provided to help their respective economies recover from a deep crisis. [ID:nDYE7EA021]

* President Barack Obama on Wednesday laid out his long-term strategy to reduce the U.S. budget deficit by $4 trillion over 12 years. [ID:nN12216395]

DATA/EVENTS

* The following data is expected on Thursday: (Times in GMT)

1100 U.S. Google Q1 1230 U.S. Producer Prices March 1230 U.S. Unemployment claims Weekly

1230 U.S. USDA export sales Weekly 1430 U.S. EIA natural gas stocks Weekly

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