SINGAPORE, Oct 5 (Reuters) - Oil was steady on Tuesday as
forecasts called for gains in U.S. crude and gasoline
inventories, while winter fuel stocks likely dropped last week.
FUNDAMENTALS
* U.S. crude for November <CLc1> shed 4 cents to $81.43 a
barrel at 0044 GMT, almost $1 below a two-month high of $82.38
touched on Monday. ICE Brent for November <LCOc1> slipped 8
cents to $83.20.
* U.S. crude oil inventories rose last week by 600,000
barrels as imports rebounded and refinery demand fell, with the
industry stepping up seasonal maintenance, a preliminary
Reuters poll ahead of weekly inventory reports showed on
Monday. []
* Supplies of distillates including heating oil and diesel
were projected to have declined by 800,000 barrels, with less
refinery activity and as demand remained strong, particularly
for diesel, a major component of this inventory segment,
according to the poll.
* Gasoline stocks were forecast up 100,000 barrels on
weaker demand and with refinery utilisation dropping.
* Industry group the American Petroleum Institute (API)
will issue its weekly inventory report on Tuesday at 2030 GMT.
The U.S. Energy Information Administration (EIA) will follow
with government data on Wednesday.
* A crippling strike at France's top oil port, the world's
third-largest, will continue on Tuesday and some refineries are
expected to run out of crude supplies in about a week, unions
and industry officials said. []
* The upper Houston Ship Channel should reopen by Tuesday
night, restoring crude flows to four refiners in Texas holding
4.9 percent of U.S. capacity before their supplies run low, the
U.S. Coast Guard said on Monday. []
MARKETS NEWS
* Indecisive financial markets also failed to provide a
clear direction for oil on Tuesday. Asian equities had a weak
start, as global equity markets fell a deay earlier on
lingering concerns about the global economy and the burden of
debt in some euro zone countries. [], []
* The euro on Monday fell from its highest level versus the
dollar in more than six months amid renewed concerns about the
financial viability of euro zone banks, prompting investors to
cut overly bullish bets on the euro. The greenback continued to
strengthen on Tuesday, up 0.17 percent against a basket of
currencies. [] <.DXY>
DATA/EVENTS
* The following data is expected on Tuesday:
- 0758 Eurozone Markit Services PMI Sep <EUPMIS=ECI>
- 1145 U.S. ICSC/GS report Weekly
- 1255 U.S. Redbook mm Weekly <USREDM=ECI>
- 1400 U.S. ISM N-Mfg PMI Sep <USNPMI=ECI>
- 2030 U.S. API weekly oli stocks to Oct 1 <USOIAC=ECI>
- Japan BOJ rate decision Oct <JPINTR=ECI>
RELATED NEWS
* Iraq raised its proven oil reserves figure by a quarter
on Monday in a bid to match the clout of leading producer Saudi
Arabia and strengthen its case for OPEC to grant it a higher
output quota. []
(Reporting by Alejandro Barbajosa; Editing by Ed Lane)
