* IEA's lowered demand growth view bearish for crude
* Oil products lifted by Motiva snag
* Coming up: EIA inventory data at 10:30 a.m. EDT
NEW YORK, May 12 (Reuters) - U.S. crude oil futures edged lower on
Wednesday as concerns about economic recovery persisted and robust
stockpiles kept front-month crude oil prices curbed ahead of the
government's weekly inventory report.
Trading was choppy and a lowered demand growth forecast from the
International Energy Agency added to the bearish tint to the market
"Front-month crude is still struggling, reflecting the record
inventories in Cushing (Oklahoma)," said Tom Bentz, broker at BNP Paribas
Commodity Futures Inc in New York, pointing to the premium of July crude
over June that continued to widen and was about $4 early Wednesday.
Industry group American Petroleum Institute said Tuesday that U.S.
crude oil stocks rose last week, but only by 362,000 barrels, less than
forecast. []
Inventories and the NYMEX benchmark delivery point in Cushing,
Oklahoma, rose again last week, the API said.
The API reported gasoline stocks fell 906,000 barrels and distillate
stocks rose only 94,000 barrels.
Ahead of Tuesday's API report, a Reuters survey of analysts yielded a
forecast for crude oil and distillate stocks to both be up 1.3 million
barrels, with gasoline expected to have edged up 700,000 barrels last week.
[]
The U.S. Energy Information Administration is set to release its report
at 10:30 a.m. EDT (1430 GMT) on Wednesday.
The International Energy Agency on Wednesday lowered its 2010 global
oil demand growth forecast by 50,000 barrels per day to 1.62 million bpd
from its April estimate. []
On Tuesday, both OPEC the U.S. Energy Information Administration lifted
demand growth forecasts. []
Refined products futures edged higher on Wednesday morning, with
refinery snags and strong crack spreads helping keep prices bolstered.
The euro edged higher on Wednesday after Spain announced more austerity
measures and data showed the euro zone economy grew modestly in the first
quarter. []
Investor concerns about whether weaker euro zone economies can deliver
debt cuts and the impact of austerity measures on European growth, limited
the euro's rise.
PRICES
* On the New York Mercantile Exchange at 10:00 a.m. EDT, June crude
<CLM0> was down 10 cents, or 0.13 percent, at $76.27 a barrel, trading from
$75.42 to $76.81.
* In London on the Intercontinental Exchange, June Brent crude <LCOM0>
rose 63 cents, or 0.78 percent, to $81.12 a barrel, trading from $79.93 to
$81.46. The premium of Brent to NYMEX crude was at more than $3 a barrel.
* NYMEX June RBOB <RBM0> rose 1.08 cents, or 0.49 percent, to $2.2060 a
gallon, trading from $2.1780 to $2.2153.
* NYMEX June heating oil <HOM0> rose 1.63 cents, or 0.76 percent, to
$2.1564 a gallon, trading from $2.1241 to $2.1658.
* The June/June heating oil crack spread <0#CL-HO=R> was at $14.37 a
barrel. The spread ended Tuesday at $13.51. The June/June RBOB crack spread
<0#RB-CL=R> was at $16.47. The spread ended Tuesday at $15.83.
* The spread between the current front month and the five-year forward
crude contract <CLc61> was at $16.21, based on the June 2015 contract
Tuesday settlement at $92.48. The spread ended Tuesday at $16.11.
MARKET NEWS
* The IEA said the volume of refined oil products in floating storage
globally fell 12 million barrels to 40 million at the end of April from
March. []
* Motiva Enterprises said a plant-wide power failure shut units
Wednesday at its Port Arthur, Texas, refinery, according to a community
information line message. []
(Reporting by Robert Gibbons; Editing by John Picinich)
