SINGAPORE, Aug 19 (Reuters) - Crude was under pressure on
Thursday from a stronger dollar and brimming U.S. petroleum
inventories, after prices rebounded from a six-week low a day
earlier with rising stock markets.
FUNDAMENTALS
* U.S. crude for September <CLc1> dipped 11 cents to $75.31
a barrel at 0015 GMT, after touching $73.83 on Wednesday, the
lowest price since July 7.
* U.S. commercial crude and product inventories rose last
week to the highest level since the U.S. government began
tracking weekly data, statistics published on Wednesday showed,
a sign fuel supply is outpacing demand amid a slow U.S.
economic recovery.
* In aggregate, total commercial crude and product stocks
rose to 1.130 billion barrels in the week to Aug. 13, according
to a weekly report from the Energy Information Administration,
above the previous weekly record high of 1.127 billion barrels
set in September 1990. []
* Before EIA began breaking out weekly stocks data in 1990,
it measured monthly inventory levels, which once totaled as
high as 1.36 billion barrels in August 1980.
* The rise in total commercial stocks came even as domestic
crude stocks fell 818,000 barrels to 354.2 million barrels in
the week to Aug. 13 as refineries boosted processing rates.
* Distillate stocks rose 1.1 million barrels to 174.2
million barrels, their 12th consecutive weekly increase, while
stocks of gasoline fell by 39,000 barrels to 223.3 million
barrels, less than analyst expectations for a 100,000-barrel
decrease.
* Inventories at the key Cushing, Oklahoma hub fell by
687,000 barrels to 37 million. Cushing is the delivery point
for the New York Mercantile Exchange's benchmark West Texas
Intermediate crude futures contract.
MARKETS NEWS
* The dollar strengthened by almost 0.4 percent against a
basket of currencies on Thursday, while Asian stock markets
opened modestly higher after a Wall Street rally late on
Wednesday. [] []
* World stocks scratched out gains on Wednesday after a
forecast from U.S. retailer Target Corp aided the consumer
outlook in a field of tepid earnings. []
DATA/EVENTS
Germany Producer prices Jul <DEPPI=ECI> 0600 GMT
U.S. Initial jobless claims Weekly <USJOB=ECI> 1230 GMT
U.S. Lead indicators Jul <USLEAD=ECI> 1400 GMT
U.S. Phil Fed business index Aug <USPFDB=ECI> 1400 GMT
U.S. EIA natural gas stocks Weekly <USOILN=ECI> 1430 GMT
RELATED NEWS
- The U.S. National Hurricane Center said late on Wednesday
a tropical wave over the west central Caribbean Sea south of
eastern Cuba still had a low 20 percent chance of developing
over the next 48 hours as it moves west.
(Reporting by Alejandro Barbajosa; Editing by Michael
Urquhart) ((alejandro.barbajosa@thomsonreuters.com; + 65 6870
3958; Reuters messaging:
alejandro.barbajosa.thomsonreuters.com@reuters.net))
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