* OPEC's raised demand growth view supportive to crude
* Oil products lifted by refinery snag, Euroilstock data
* Euro weakens, equities slip, keeping oil rise curbed
* Coming up: API inventory data at 4:30 p.m. EDT
NEW YORK, May 11 (Reuters) - U.S. crude oil futures rose in
choppy trading on Tuesday, with refined products supportive and
as OPEC raised its forecast for demand growth.
The bounce came even as the euro weakened and Monday's
equities rally on the rescue package to stabilize the euro
faded.
Sources said products futures strengthened on a refinery
coker unit glitch in Texas and news that gasoline stocks in
Europe were lower in April than year-ago levels.
But while gasoline stocks were up year-on-year, total oil
and product stocks in 16 European countries rose and posted
small gains over both March levels and the year-ago period,
according to Euroilstock. []
"This market is still trying to find out where it belongs.
The dollar remains stubbornly resilient and the question is
will we see another burst of investor buying or is the focus
turning more to fundamentals," said Peter Beutel, analyst at
Cameron Hanover.
OPEC raised its estimate for world oil demand growth in
2010 for a third successive month, but its figures showed
economic recovery would not be sufficient to wipe out a surplus
of supply this year. []
Crude futures fell early as the euro weakened with the
fading of a relief rally triggered by a $1 trillion rescue
package aimed at stabilizing the euro zone's sovereign debt, as
markets refocused on Europe's debt problems. []
U.S. stocks opened lower, giving back some of the previous
session's gains. []
The spread between U.S. front-month June crude and the more
expensive July contract remained around $3.50 on Tuesday
morning <CL-1=R>.
Crude and products inventories are expected to have
increased last week, according to a Reuters analyst survey on
Monday. []
PRICES
* On the New York Mercantile Exchange at 10:47 a.m. EDT
(1447 GMT), June crude <CLM0> was up 48 cents, or 0.63 percent,
at $77.28 a barrel, trading from $75.36 to $77.56.
* In London on the Intercontinental Exchange, June Brent
crude <LCOM0> rose 42 cents, or 0.52 percent, at $80.54 a
barrel, trading from $78.91 to $80.84. The premium of Brent to
NYMEX crude remained at more than $3 a barrel.
* NYMEX June RBOB <RBM0> rose 2.33 cents, or 1.07 percent,
at $2.1959 a gallon, trading from $2.1520 to $2.2024.
* NYMEX June heating oil <HOM0> rose 2.52 cents, or 1.19
percent at $2.1454 a gallon, trading from $2.0999 to $2.1509.
* The June/June heating oil crack spread <0#CL-HO=R> was at
$12.98 a barrel. The spread ended Monday at $12.25. The
June/June RBOB crack spread <0#RB-CL=R> was at $15.14. The
spread ended Monday at $14.45.
* The spread between the current front month and the
five-year forward crude contract <CLc61> was at $15.62, based
on the June 2015 contract Monday settlement at $92.90. The
spread ended Monday at $16.10.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $80.03/$82.34
Technical support/resistance:
NYMEX crude: $75.10/$78.00
NYMEX heating oil: $2.05/$2.21
NYMEX RBOB: $2.10/$2.23
For a full report on technicals, click on []
MARKET NEWS
* Valero Energy Corp <VLO.N> said it expected a coker unit
at its Corpus Christi, Texas, refinery to be back early next
week after Monday's flange fire and that a fluid catalytic
cracker unit has returned to planned rates at its Memphis,
Tennessee, refinery. []
(Reporting by Robert Gibbons; Editing by Lisa Shumaker)
