TOKYO, March 31 (Reuters) - U.S. crude futures stood a tad
higher on Wednesday, heading for a third day of gains, after
industry data showed a much smaller-than-expected increase in
U.S. crude stockpiles last week.
FUNDAMENTALS
* NYMEX crude for May delivery <CLc1> was up 4 cents at
$82.41 a barrel by 0005 GMT, after settling up 20 cents at $82.37
a day earlier.
* The American Petroleum Institute said after Tuesday's
settlement that crude stocks rose 421,000 barrels last week,
against expectations for a 2.4 million barrel increase.
Distillate stocks fell 1.0 million barrels and gasoline
stocks dropped 946,000 barrels, API said. A Reuters poll had
predicted a drawdown of 1.6 million barrels for distillates and a
drop of 1.5 million barrels for gasoline.
* Bright U.S. economic data boosted optimism for recovery in
the world's top oil consumer on Tuesday, overcoming pressure from
a stronger dollar.
U.S. consumer confidence rebounded in March while a closely
watched housing index showed home prices rose in January for the
eighth straight month. []
* OPEC would increase oil production if oil prices stayed
"too high" for a long time, OPEC delegates said, indicating
prices above $85 may be considered damaging to the world economy.
[]
OPEC members with production targets have reduced compliance
to just 50 percent in March with prices above $80 a barrel, a
Reuters survey showed. []
* OPEC officials on Tuesday appeared undecided on how to
respond if oil prices rose definitively above the $70-80 a barrel
range they have praised this month, highlighting a looming
challenge for the cartel.
MARKETS NEWS
* U.S. stocks rose in a slow session on Tuesday on data
showing more stabilisation in the economy, while Apple Inc
<AAPL.O> rallied on a report that it was developing a new iPhone.
* The euro continued to struggle on Tuesday, falling sharply
against the dollar as investors took profits after two days of
gains and as unease persisted about the euro zone's fiscal
health.
DATA/EVENTS
* The following data is expected on Wednesday:
- 0500 GMT--Japan Construction orders/Feb
- 0800 GMT--Germany Unemployment rate/Mar
- 0900 GMT--Euro Zone Inflation/Mar
- 0900 GMT--Euro Zone Unemployment rate/Feb
- 1100 GMT--US Mortgage Market index/wkly
- 1230 GMT--Canada GDP/Jan
- 1345 GMT--US Chicago PMI Employment/Mar
- 1400 GMT--US Durable goods/Feb
- 1400 GMT--US Factory orders/Feb
- 1430 GMT--US Energy Information Administration oil report
RELATED NEWS
> EXCLUSIVE-Shell's Perdido platform could start Wed[]
> US Northeast refiners say ops normal despite storm[]
PRICES
Oil prices as of 0005 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude MAY0 $82.41 +0.04 +$0.20 +0.24% $81.38
Heat Oil APR0 212.24 -0.23 +0.59 +0.28% 209.63
RBOB APR0 227.50 +0.03 +1.34 +0.59% 225.90
Natgas MAY0 $4.001 +0.028 +$0.057 +1.46% $4.282
ICE Contracts
Brent MAY0 $81.39 +0.11 +$0.11 +0.14% $80.03
Gasoil APR0 $676.75 +2.25 -$5.00 -0.74% $661.81
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)
