TOKYO, Jan 26 (Reuters) - U.S. crude futures were steady on
Tuesday after gaining 1 percent the previous day on a weaker
dollar and a rebound on Wall Street.
FUNDAMENTALS
* NYMEX crude for March delivery <CLc1> was down 13 cents at
$75.13 a barrel by 0002 GMT, after settling higher for the first
time in four days on Monday, ending up 72 cents at $75.26.
Crude stands well below a 15-month peak of near $84 hit on
Jan. 11.
* Monday's gains were supported by the closure of the
Sabine-Neches Waterway in Port Arthur, Texas, a key shipping
channel, after an oil spill in a ship collision on Saturday.
About half of the oil spilled had been contained as of
Monday, and a U.S. Coast Guard official said the channel could
reopen by Thursday.
* A Reuters poll of analysts forecast that U.S. crude stocks
probably rose 1.7 million barrels last week, ahead of the
American Petroleum Institute's weekly report later on Tuesday.
Distillate stocks probably fell 1.4 million barrels, while
gasoline supplies were seen up 1.4 million barrels, the poll
showed. []
* The National Weather Service forecast that U.S. heating oil
demand this week was expected to be 2 percent below normal as
temperatures moderate in the U.S. Northeast. []
Last week, heating oil demand was 18 percent below normal
versus a forecast of 23 percent below normal, NWS said. U.S.
Northeast temperatures were forecast to average above normal
through Thursday. []
* U.S. crude oil is expected to rise to an average of $77.50
a barrel in 2010, a Reuters poll of 29 market analysts showed, up
from $76.40 a barrel in December. []
MARKETS NEWS
* U.S. stocks snapped a three-day slide on Monday as signs
that Federal Reserve Chairman Ben Bernanke would win a U.S.
Senate vote for a second term helped ease investors' concerns.
* The dollar fell against most major currencies on Monday.
[]
DATA/EVENTS
* The following data is expected on Tuesday:
- 0700 GMT--Germany Import Prices/Dec
- 0745 GMT--France Consumer Spending/Dec
- 0900 GMT--Germany Ifo Business Climate/Jan
- 0930 GMT--U.K. GDP Preliminary/Q4
- 1245 GMT--U.S. ICSC/GS Chain Store Sales/Weekly
- 1355 GMT--U.S. Redbook Weekly Retail Sales
- 1400 GMT--U.S. Case/Schiller Home Price Data/Nov.
- 1500 GMT--U.S. Conf. Board-Consumer Confidence/Jan
- 1500 GMT--U.S. FHFA Home Price/Nov.
- 1500 GMT--U.S. Richmond Fed Mfg Survey/Jan.
- 2130 GMT--American Petroleum Institute Oil Report/Wkly
- No time set: FOMC first day of 2-day meeting
RELATED NEWS
> Stocks, oil gain on likely Bernanke confirmation[]
PRICES
Oil prices as of 0002 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude MAR0 $75.13 -0.13 +$0.72 +0.97% $79.45
Heat Oil FEB0 196.39 -0.19 +2.42 +1.25% 209.53
RBOB FEB0 200.00 -0.08 +3.51 +1.79% 206.21
Natgas FEB0 $5.714 -0.008 -$0.097 -1.67% $5.704
ICE Contracts
Brent MAR0 -- +0.00 +$0.86 +1.18% $78.23
Gasoil FEB0 -- +0.00 -$3.25 -0.54% $635.33
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)
