TOKYO, July 27 (Reuters) - U.S. crude futures were steady
near $79 a barrel on Tuesday as traders eyed oil inventory data
due in the next two days that is expected to show a decline in
U.S. crude inventories and rises in gasoline and distillate
stocks.
FUNDAMENTALS
* NYMEX crude for September delivery <CLc1> was down 4 cents
at $78.94 a barrel by 0010 GMT, after settling unchanged at
$78.98 a day earlier.
Oil recorded a high of $79.33 on Monday, off an 11-week high
of $79.60 hit on Friday, as more than a quarter of daily crude
oil production in U.S.-regulated areas of the Gulf of Mexico
remained shut on Monday.
Energy companies had brought back online about half the
production shut as Tropical Storm Bonnie approached, the U.S.
government said. []
* The European Union imposed tighter sanctions on Iran,
approving measures to block oil and gas investment and curtail
Tehran's refining and natural gas capability. []
* U.S. crude oil prices should average $79.44 in 2010,
according to a Reuters poll of 31 analysts, banks and government
agencies on Monday. The figure was down from estimates of an
average $79.86 a barrel in a June survey. []
* According to a Reuters analyst poll on Monday, this week's
data is likely to show that crude inventories fell by 1.8 million
barrels last week. []
Gasoline stocks probably rose 600,000 barrels, while
distillate stocks were seen up 1.6 million barrels.
MARKETS NEWS
* An upbeat outlook from FedEx, coupled with encouraging home
sales, lifted U.S. stocks on Monday, keeping the S&P 500 above
1,100 for a second day and suggesting the rally could last.
* The euro rallied to $1.30 on Monday as relief over European
bank stress tests and stronger economic data on both sides of the
Atlantic gave investors less reason to be risk averse. []
DATA/EVENTS
* The following data is expected on Tuesday:
- 0800 GMT- Euro Zone Money-M3 3m moving av Jun <EUCBM3=ECI>
- 1145 GMT- U.S. ICSC chain stores yy Weekly <USUBSY=ECI>
- 1255 GMT- U.S. Redbook mm Weekly
- 1300 GMT- U.S. CaseShiller 20 mm NSA May <USSHP=ECI>
- 1300 GMT- U.S. CaseShiller 20yy May <USSHPQ=ECI>
- 1400 GMT- U.S. Consumer confidence Jul <USCONC=ECI>
- 2030 GMT- American Petroleum Institute oil report weekly
- N/A - U.S. Build permits R chg mm Jun <USBPRP=ECI>
RELATED NEWS
> US gasoline pump price rises for second week-Govt []
PRICES
Oil prices as of 0010 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude SEP0 $78.94 -0.04 +$0.00 +0.00% $76.10
Heat Oil AUG0 0.00 +0.00 -0.79 -0.39% 200.84
RBOB AUG0 210.50 -0.08 -1.64 -0.77% 206.15
Natgas AUG0 $4.627 +0.015 +$0.032 +0.70% $4.554
ICE Contracts
Brent SEP0 $77.41 -0.09 +$0.05 +0.06% $75.02
Gasoil AUG0 -- +0.00 +$3.75 +0.58% $639.30
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 Michael Watson)
