TOKYO, Jan 12 (Reuters) - U.S. crude futures extended
declines on Tuesday after touching a fresh 15-month high near $84
a day earlier, as forecasters said U.S. weather would turn milder
in the days ahead, following a recent freeze.
FUNDAMENTALS
* NYMEX crude for February delivery <CLc1> was down 41 cents
at $82.11 a barrel by 0026 GMT, after settling down 23 cents a
day earlier.
On Monday, it hit an intraday peak of $83.95, the highest
intraday price since October 2008 after data showed Chinese crude
imports averaged more than 5 million barrels per day for a month
for the first time in December. []
* U.S. heating oil demand was forecast to be normal this
week, after surging to 12 percent above normal last week, the
National Weather Service said. []
U.S. Northeast temperatures were expected to average below
normal through Wednesday, then average near to above normal
through Friday, with the six- to 10-day forecast for near to
above normal, according to DTN Meteorlogix. []
* Ahead of weekly inventory data due later in the day, a
preliminary Reuters poll of analysts forecast that domestic crude
stocks rose 1.0 million barrels last week. []
Distillate stocks fell 1.7 million barrels and gasoline
supplies rose 900,000 barrels, the poll showed.
* U.S. and global oil demand will increase in 2010 and 2011,
but the growth rate in petroleum consumption will not be as
strong as in years past, according to advance details provided to
Reuters on a U.S. government monthly energy supply and demand
forecast. []
The Energy Information Administration's forecast, which will
be released on Tuesday, expects the U.S. economy to grow about 2
percent this year and close to 2.7 percent next year, resulting
in rising oil demand.
MARKETS NEWS
* U.S. industrial shares lifted the Dow and the S&P 500 on
Monday to new 15-month highs after China bolstered expectations
the world economy would strengthen, but the Nasdaq fell on
profit-taking in tech stocks.
* The dollar was on the defensive on Tuesday, hovering near
three-week lows on a basket of currencies, while buoyant investor
appetite for riskier assets offered support to higher-yielding
currencies. []
DATA/EVENTS
* The following data is expected on Tuesday:
- 1245 GMT--U.S. ICSC/GS Chain Stores Report/Wkly
- 1330 GMT--U.S. International Trade/Nov
- 1355 GMT--U.S. Redbook Retail Sales/Wkly
- 1500 GMT--U.S. IBD Consumer Confidence/Jan
- 2130 GMT--American Petroleum Institute Oil Report/weekly
- Jan 2010 ICE Gas Oil Futures contract expires
RELATED NEWS
> U.S. gasoline price highest since Oct. 2008-govt []
> Lyondell reports upset at Houston refinery-filing[]
> Chevron's El Segundo cat cracker restarted-source[]
PRICES
Oil prices as of 0026 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude FEB0 $82.11 -0.41 -$0.23 -0.28% $77.05
Heat Oil FEB0 216.80 -1.21 -2.02 -0.92% 205.49
RBOB FEB0 213.50 -0.77 -1.26 -0.58% 198.85
Natgas FEB0 $5.477 +0.023 -$0.295 -5.13% $5.675
ICE Contracts
Brent FEB0 -- +0.00 -$0.40 -0.49% $76.15
Gasoil JAN0 -- +0.00 +$0.75 +0.11% $618.65
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 Joseph Radford)
