TOKYO, Jan 25 (Reuters) - U.S. crude futures extended
declines for a sixth day on Tuesday, weighed down by forecasts
calling for a second straight week of builds in U.S. crude
supplies.
FUNDAMENTALS
* NYMEX crude for March delivery <CLc1> was down 34 cents at
$87.53 a barrel by 0016 GMT, after settling down $1.24 at $87.87
a day earlier.
On Monday, it touched $87.27, just shy of a 2011 low of
$87.25 hit on Jan. 7.
* Brent got an early boost when Saudi Oil Minister Ali
al-Naimi, said he expected global oil demand to rise between 1.5
million and 1.8 million barrels per day in 2011 -- more than
forecast by the International Energy Agency. []
[]
But the Saudi minister also said he expected prices to
stabilise and voiced concern about speculators pushing prices
higher.
* U.S. heating oil demand was expected to average 14.4
percent above normal this week, the National Weather Service
said on Monday. []
* Unseasonably cold weather is likely to grip northern
Europe again from late February into spring, after a relatively
mild spell in late January, Weather Services International said.
[]
* A Reuters poll forecast that crude stocks likely rose
900,000 barrels last week. Distillate stocks, which include
heating oil and diesel fuel were forecast down 200,000 barrels
and gasoline stocks up 2.2 million barrels, the poll also
showed. []
* U.S. Federal Reserve policymakers begin a two-day meeting
on Tuesday and investors will be watchful over what they might
decide to do with interest rates and efforts to stimulate the
economy.
MARKETS NEWS
* Wall Street resumed its rally on Monday, led by natural
resources and tech shares as investors saw stocks regaining
momentum lost late last week.
On Monday the Dow Jones industrial average <> ended up
108.68 points, or 0.92 percent, at 11,980.52. The Standard &
Poor's 500 Index <.SPX> was up 7.49 points, or 0.58 percent, at
1,290.84.
* The euro held near a two-month peak early in Asia on
Tuesday, with $1.37 firmly in its sight as the market showed
only the barest signs of fatigue after a 6-percent rally in the
past two weeks. []
DATA/EVENTS
* The following data is expected on Tuesday:
- 0000 Japan BOJ rate decision Jan 2011 <JPINTR=ECI>
- 0600 India Repo Rate Final Jan 2011 <INREPO=ECI>
- 1245 U.S. ICSC chain stores yy Weekly <USUBSY=ECI>
- 1400 U.S. CaseShiller 20 mm nsa Nov <USSHP=ECI>
- 1400 U.S. CaseShiller 20 yy Nov <USSHPQ=ECI>
- 1500 U.S. Consumer confidence Jan <USCONC=ECI>
- 2130 U.S. API weekly crude stocks Jan 21 <USOIAC=ECI>
PRICES
Oil prices as of 0016 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude MAR1 $87.53 -0.34 -$1.24 -1.39% $90.29
Heat Oil FEB1 261.61 -0.32 -3.15 -1.19% 257.12
RBOB FEB1 241.15 -0.17 -4.57 -1.86% 243.98
Natgas FEB1 $4.590 +0.010 -$0.156 -3.29% $4.465
ICE Contracts
Brent MAR1 -- +0.00 -$0.99 -1.01% $95.88
Gasoil FEB1 -- +0.00 +$5.25 +0.64% $790.54
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 Chris Gallagher)
