* EIA says hurricane threatens East Coast refineries
* Equities gain on data, help lift crude futures
* Marine Energy <ME.N> facility off Louisiana on fire
* Coming Up: August nonfarm payroll data on Friday
(Recasts, updates, changes by-line and dateline previously London)
By Gene Ramos
NEW YORK, Sept 2 (Reuters) - U.S. crude oil futures rose further
Thursday afternoon after a warning from the U.S. Energy Information
Administration that U.S. East Coast oil refineries were threatened by
Hurricane Earl.
News that an oil and gas facility owned by Mariner Energy Inc <ME.N>
off the coast of Louisiana was on fire Thursday, with the U.S. Coast Guard
saying it was working to rescue 13 workers, sparked buying before midday.
For full story see []
Earlier, crude futures bounced back from session lows after data on
jobless benefit claims and home sales lifted Wall Street. []
Prices had fallen in the early going by more than 1 percent to just
above $73 a barrel as traders booked profits from a nearly 3 percent
rebound on Wednesday.
Losses were subsequently pared after the government data showed new
filings for jobless insurance benefits fell last week while pending sales
of previously owned U.S. homes rebounded unexpectedly in July. The upbeat
economic data shored up equities.
"These are further signs the economy is not slipping into a recession
albeit growth still looks quite slow," Zach Pandl, an economist at Nomura
Securities International in New York.
Later, crude futures prices rose further after the EIA said that 1.1
million barrels per day or 7 percent of the nation's total refining
capacity was in jeopardy because of Hurricane Earl. []
By 1:05 p.m. EDT, U.S. crude for October delivery was up 53 cents at
$74.44 a barrel.
ICE Brent gained 29 cents at $76.64, with its premium to U.S. crude
remaining elevated because of bloated U.S. inventories.
"Crude futures prices today mirror movements on Wall Street and the
dollar, much like yesterday's action. Crude futures pulled back earlier on
profit-taking after yesterday's sharp gains," said Tom Knight, a trader at
Truman Arnold in Texarkana, Texas.
In the currency markets, the U.S. dollar was down 0.1 percent against a
basket of currencies. <.DXY>
With refineries threatened, U.S. gasoline futures led the energy
complex's gainers on the New York Mercantile Exchange. Gasoline for October
delivery <RBV0> was up 2.24 cents at $1.9115 a gallon.
The latest advisory by National Hurricane Center showed the dangerous
hurricane was about 300 miles (483 kilometers) south of Cape Hatteras,
North Carolina, with winds of 140 miles per hour (225 kph).
[]
Oil refiners and nuclear power plants along the U.S, East Coast were
monitoring Earl as it made its way up the seaboard. []
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LINKS:
Latest news on hurricanes:
http://www.reuters.com/subjects/hurricanes
Link to National Hurricane Center: http://www.nhc.noaa.gov/
Link to weather models: http://www.skeetobiteweather.com/
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However, traders remained cautious ahead of Friday's key nonfarm payrolls and unemployment data that could shed further light on the status
of the economic recovery. As a result, gains were limited.
Wednesday's rebound developed as manufacturing data from China and the
United States raised hopes that flagging oil demand could rise.
Prices also rose in the previous session as traders ignored U.S.
government data showing total crude and refined product inventories posted
another record high in the week to Aug. 27 to the loftiest level since 1990
when the government started issuing weekly statistics.
Total stockpiles rose to 1.143 billion barrels, even though last week's
stored supplies of distillates, which include heating oil and diesel, as
well as gasoline fell.
(Additional reporting by Robert Gibbons, David Sheppard and
Eileen Moustakis in New York; Alex Lawler and Joe Brock in London; and
Alejandro Barbajosa in Singapore; Editing by John Picinich)
