TOKYO, June 16 (Reuters) - U.S. crude futures rose for a third day to above $77 a barrel on Wednesday, helped by the euro and Wall Street's climb, despite industry data showing an unexpected rise in U.S. crude inventories.
FUNDAMENTALS
* NYMEX crude for July delivery <CLc1> was up 19 cents at $77.13 a barrel by 0029 GMT, after touching $77.19 earlier, the highest since $77.68 hit on May 11.
On Tuesday it settled up $1.82 at $76.94, adding to Monday's $1.34 rise, as the euro and U.S. equities markets rallied after debt auctions in Europe bolstered investor confidence in a global economic recovery.
* The American Petroleum Institute (API) data showed after Tuesday's settlement that U.S. crude inventories rose unexpectedly last week, climbing 579,000 barrels, contrary to analysts' expectations in the latest Reuters poll for a 1.2 million barrel draw. [
]Gasoline stocks rose 1.3 million barrels, above analysts' expectations for a 200,000 barrel build. Distillates, including heating oil and diesel, climbed 2.1 million barrels, double the analysts' forecast for a 1 million-barrel rise.
* U.S. retail gasoline demand rose 1.4 percent in the week to June 11 from a week earlier but fell 2.2 percent from the same week in 2009, MasterCard said. [
]MARKETS NEWS
* U.S. stocks jumped on Tuesday as investors went on a buying binge. The S&P 500 turned positive for the year and rose above its 200-day moving average for the first time in a month, suggesting the recent downtrend may be nearing an end.
* The euro hit a two-week high above $1.23 on Tuesday as solid demand at European debt auctions eased worries about the region's fiscal crisis and prompted investors to cover short positions in the currency. [
]DATA/EVENTS
* The following data is expected on Wednesday:
GMT
- 0300 Japan PAJ weekly oil inventory data [
]- 0900 EZ Inflation, final yy May <EUHICY=ECI>
- 1230 U.S. Build permits: change May <USBPP=ECI>
- 1230 U.S. House starts mm: change May <USHSTM=ECI>
- 1230 U.S. Housing starts number mm May <USHST=ECI>
- 1230 U.S. PPI inflation y/y, NSA May <USPPIA=ECI>
- 1230 U.S. Producer prices mm May <USPPI=ECI>
- 1230 U.S. Producer prices, core May <USPPIX=ECI>
- 1230 U.S. Producer prices, core yy May <USPPIY=ECI>
- 1315 U.S. Industrial output mm May <USIP=ECI>
- 1430 U.S. EIA weekly crude stocks <USOILC=ECI>
RELATED NEWS > Ops continue at Conoco Ferndale refinery after fire[
] PRICES Oil prices as of 0029 GMT Contract Mnth Price Change Day ago pct MA-20* NYMEX Contracts US Crude JUL0 $77.13 +0.19 +$1.82 +2.42% $72.35 Heat Oil JUL0 207.10 +0.25 +4.26 +2.10% 197.13 RBOB JUL0 212.47 +0.32 +4.51 +2.17% 201.71 Natgas JUL0 $5.163 -0.026 +$0.183 +3.66% $4.484 ICE Contracts Brent AUG0 $77.40 +0.30 +$1.44 +1.90% $73.33 Gasoil JUL0 $661.00 +6.00 +$2.25 +0.34% $627.85 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)