NYMEX-Crude pares 1.4 pct gain after API data

                                
 TOKYO, Dec 2 (Reuters) - U.S. crude futures pared gains on
Wednesday after industry data showed that U.S. crude stocks rose
much more than expected.
                                
 FUNDAMENTALS
                                
 * NYMEX crude for January delivery <CLc1> was down 38 cents
at $77.99 a barrel by 0005 GMT, after settling up $1.09, or 1.4
percent at $78.37 on Tuesday.
                                
 * The American Petroleum Institute data, released after
Tuesday's settlement, showed that U.S. crude stocks rose 2.9
million barrels last week, dwarfing the forecast in a Reuters
poll for a 400,000 barrel increase. [EIA/S]
                                
 The data also showed distillate stocks rose 1.1 million
barrels, defying the forecast that supplies fell 300,000 barrels,
while gasoline stocks jumped 3.4 million barrels against the
forecast of just a 1.0 million barrel increase.
                                
 The U.S. Energy Information Administration will issue its
petroleum report later in the day.
                                
 * Tuesday's gains got support from a weaker dollar and solid
manufacturing data from China that raised hopes of a rebound in
energy demand.
                                
 * This year's Atlantic hurricane season gave the nation's
energy hub a break, slipping out almost as quietly as it arrived.
                                
 The season from June 1 to Nov. 30 was among the least active
in a decade, producing only two cyclones that made U.S. landfall.
[ID:nN01518295]
                                
 MARKETS NEWS
                                
 * The Dow Jones industrial average climbed to its highest
close in 14 months on Tuesday as a weak dollar boosted natural
resource companies' shares and economic data reinforced hopes for
a sustainable recovery. [.N]
                                
 Sentiment also got a lift as concerns receded about the
impact of Dubai's debt trouble after news that Dubai World
planned to restructure about $26 billion in debt.
                                
 * The U.S. dollar fell against the euro on Tuesday as worries
about Dubai's debt problems eased, while rising stock and
commodity prices also dimmed the greenback's safe-haven allure.
[USD/]
                                
 The yen weakened after the Bank of Japan announced more
monetary easing measures to fight deflation and help the ailing
economy while holding interest rates at 0.1 percent.
                                
 DATA/EVENTS
                                
 * The following data is expected on Wednesday:
                                
 - 1000 GMT--Euro Zone Producer Prices/Oct
                                
 - 1230 GMT--U.S. Challenger Layoffs/Nov
                                
 - 1315 GMT--U.S. ADP (Private) Nat'l Employment/Nov
                                
 - 1530 GMT--U.S. EIA Petroleum stocks/Wkly
                                
 - 1900 GMT--U.S. Fed Beige Book
                                
 RELATED NEWS
> BP starts Alaskan oil spill cleanup, may take weeks[nN01517265]
> Conoco completes Trainer, Wood River maintenance   [nN01514859]
                                
 PRICES
 Oil prices as of 0005 GMT          
 Contract Mnth    Price  Change  Day ago     pct     MA-20*
 NYMEX Contracts
 US Crude JAN0   $77.99   -0.38   +$1.09  +1.41%     $78.16
 Heat Oil JAN0   206.75   -1.05    +3.01  +1.47%     202.21
 RBOB     JAN0   202.96   -1.27    +3.08  +1.53%     197.86
 Natgas   JAN0   $4.706  -0.056  -$0.086  -1.77%     $4.626
 ICE Contracts
 Brent    JAN0       --   +0.00   +$0.88  +1.12%     $77.70
 Gasoil   DEC9       --   +0.00  +$19.25  +3.13%    $622.09
 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)
 ((osamu.tsukimori@thomsonreuters.com ; +813 6441 1857; Reuters
Messaging: osamu.tsukimori.reuters.com@reuters.net))
 ((If you have a query or comment on this story, send an email to
news.feedback.asia@thomsonreuters.com))
                                
                   RECENT CRUDE OIL TRADES
                                
 Asia...[ACRU/T]      Europe...[CRU/T]    Americas...[CRU/TU]
                                
                    CRUDE OIL MARKET NEWS
                                
 Crude oil tenders in Asia.........[CRU/TENDA]
                                
 Crude oil supply outages in Asia............[CRU/OUT-ASIA-O]
                                
 Refinery outages in Asia.....[REF/OUT-ASIA-O]
                                
 Global arbitrage news and flows..[O/CRUDEARB]
                                
 W.African crude imports to Asia, monthly........[O/WAFRICA1]
                                
                 REFINERY MAINTENANCE DIARIES
                                
 Asia...[REF/A]     Middle East...[REF/ME]   Europe...[REF/E]
                                
                    NATIONAL CRUDE IMPORT DATA
                                
 Japan..............<METI/JP1>   China..............[O/CHINA1]
                                
 India..............[O/INDIA2]   S.Korea............[O/KOREA1]
                                
 Indonesia.......[O/INDO1-CRU]  
                                
                    CRUDE OIL INVENTORY DATA
                                
 Japan...[O/JAPAN1]     US...[EIA/S]     Europe...[O/EUROIL1]
                                
                 CRUDE OIL PRODUCTION/OILFIELD NEWS
                                
 OPEC output survey...[OPEC/O]   New Asian fields...[ASIA/NEW]
                                
 New Africa fields...[AFR/NEW]   New Europe fields..[NSEA/NEW]
                                
 New Americas fields..[AM/NEW]   New projects.....[ENERGY/NEW]
                                
                    CRUDE OIL MARKET REPORTS
                                
 Middle East...........[CRU/M]   Asia-Pacific........[CRU/AP]
                                
 West Africa.........[CRU/WAF]   North Sea............[CRU/E]
                                
 Asia outlook.......[ASIA/CRU]   Europe outlook.....[EUR/CRU]
                                
 Global futures report...[O/R]   Technicals report......[O/I]
                                
                         PRICES
                                
 For all Official Selling Prices.......[OSP/O]
                                
 For a POLL on oil prices.............[O/POLL]
                                
 NYMEX and ICE oil futures............<OILOIL>
                                
 TOCOM crude oil futures..............<0#JCO:>
                                
 Dubai, Oman swaps and spread...............<ASIA/SWAP/CRUDE>
                                
 Middle East physical crude diffs...............<CRUDE/ASIA2>
                                
 Australia physical crude, Tapis swaps..........<CRUDE/ASIA1>
                                
 Asia-Pacific physical crude.....<CRUDE/ASIA3>
                                
 All Asian crude oil differentials.<0#C-DIF-A>
                                
 All Asian crude oil outright prices...<0#C-A>