TOKYO, April 13 (Reuters) - U.S. crude futures extended
their declines into a third day on Wednesday, falling to $106 a
barrel, down more than 6 percent from a 32-month peak marked
this week on concerns -- heightened by a warning from Goldman
Sachs -- that prices had risen too far and could curb demand.
U.S. crude's 5.8 percent slide over the past two sessions
was the biggest two-day percentage decline since May 2010, when
the debt crises in Greece and the wider euro zone pulled down
commodities.
FUNDAMENTALS
* NYMEX crude for May delivery <CLc1> was down 20 cents at
$106.05 a barrel by 0040 GMT. On Tuesday, the contract fell
$3.67 to settle at $106.25.
* Goldman Sachs expects Brent crude to fall towards $105 in
coming months, according to a note e-mailed to clients, after
recommending on Monday that they close trades on a basket of
commodities that include U.S. crude. []
[]
* Top oil exporter Saudi Arabia has quietly cut production
by around 500,000 barrels per day (bpd), two Saudi-based
industry sources said, from its output increase in March when it
offset lost Libyan crude. []
* Saudi Arabia is ready to sell more of its new crude oil
blend in the coming months if demand is there, and it will be
available on the spot market, a market source said on Tuesday.
[]
* Qatar confirmed on Tuesday that it was marketing Libyan
crude oil and buying fuel on behalf of the rebels trying to
overthrow Muammar Gaddafi, throwing a vital lifeline to the
embattled anti-government forces. []
* High petroleum prices will cut into global oil demand but
not until next year, the U.S. government's energy forecasting
agency said on Tuesday. []
* High oil prices are beginning to put the brakes on the
rapid pace of global economic growth and erode demand for fuel,
the International Energy Agency said on Tuesday in a report that
added to a steep selloff in crude oil prices. []
* U.S. crude inventories rose last week and oil product
stocks fell as U.S. refinery utilisation unexpectedly plunged,
data from the American Petroleum Institute (API) showed on
Tuesday. []
* Russia's Gazprom is talking to Shell <RDSa.L>
about joining the Anglo-Dutch major's foreign oil and gas
projects and sending more liquefied natural gas from the
companies' Far-East Sakhalin venture to Japan. []
MARKETS NEWS
* The yen held firm early in Asia on Wednesday, having
gained broadly as profit taking on short positions took off on
the back of renewed risk aversion, while investors also favoured
the Swiss franc as a safe-haven currency.
* U.S. stocks dropped on Tuesday on worries that falling oil
prices could set off a reversal in the high-flying energy
sector, while Alcoa's leaner-than-expected revenue disappointed.
* U.S. imports and exports fell in February, prompting
analysts again to cut their forecasts for U.S. economic growth
in early 2011 and showing signs of a slowing in the global
recovery. []
* The world's biggest economies will struggle this week to
make headway on a plan to identify countries that put the global
economy at risk, with China opposed to any attempt to curb its
growth. []
DATA/EVENTS
* The following data is expected on Wednesday: (Times in
GMT)
0900 EZ Industrial production yy Feb 2011
1100 U.S. JPMorgan Chase & Co Q1
1230 U.S. Retail sales mm Mar
1400 U.S. Business inventories mm Feb
1430 U.S. EIA petroleum stocks Weekly
PRICES
Oil prices as of 0012 GMT Contract Mnth Price
Change | Day ago pct | MA-20* NYMEX Contracts
US Crude MAY1 $106.06 -0.19 | -$3.67 -3.34% | $105.81
Heat Oil MAY1 318.00 +0.74 | -7.99 -2.46% | 311.08
RBOB MAY1 317.38 +0.97 | -3.64 -1.14% | 308.14
Natgas MAY1 $4.100 +0.002 | -$0.010 -0.24% | $4.218
ICE Contracts
Brent MAY1 $120.75 -0.17 | -$3.06 -2.47% | $117.90
Gasoil MAY1 $1010.00 +1.50 | -$39.75 -3.79% | $999.31
Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon. * = 20-day moving average for continuation
month.
(Reporting by Risa Maeda; Editing by Edmund Klamann)
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