TOKYO, Dec 22 (Reuters) - U.S. crude futures were steady on
Tuesday ahead of an OPEC meeting and U.S. industry data expected
to show declines in crude and distillate inventories in the
world's top oil consumer.
FUNDAMENTALS
* NYMEX crude for new February delivery <CLc1> was down 6
cents at $73.66 a barrel by 0008 GMT.
The January contract expired on Monday, settling down 89
cents at $72.47 pressured by a stronger dollar.
Trading is expected to be increasingly thin as the Christmas
holiday approaches.
* Producer group OPEC was set to leave output limits
unchanged at a meeting in Angola on Tuesday, officials from the
cartel said, and appeared likely to call for improved compliance
with existing curbs. []
* U.S. crude inventories were expected to have fallen by 1.6
million barrels last week, according to a preliminary Reuters
poll of analysts. []
Distillate stocks probably fell 2.1 million barrels, while
gasoline stocks were seen up 1.2 million barrels, the poll showed
ahead of the release of the weekly report by the American
Petroleum Institute later in the day.
* U.S. heating demand this week is expected to average 4.1
percent below normal, the National Weather Service said. Heating
oil demand was expected to be normal. []
* Colder than normal weather is expected across much of the
United States from January to March, private forecaster WSI said
in its latest winter outlook on Monday. []
The current El Nino event and the cold north Pacific will
contribute to the unusually cold weather, which will help boost
gas and power demand in the large consuming regions, especially
in February and March, the forecaster said.
MARKETS NEWS
* U.S. stocks rose on Monday, with the Nasdaq hitting a
15-month high after a healthcare reform bill advanced in the
Senate and brokerages upgraded two Dow components on improving
profit prospects.
* The dollar hit a six-week high against the yen on Monday as
traders bought back the greenback after selling it heavily for
most of the year and braced for U.S. economic growth to pick up
steam in 2010. []
DATA/EVENTS
* The following data is expected on Tuesday:
- 0040 GMT--China Detailed Energy Trade Data/Nov
- 0700 GMT--Germany GfK Consumer Sentiment/Jan
- 0930 GMT--U.K. GDP Final/Q3
- 1000 GMT--Euro Zone Industrial New Orders/Oct
- 1245 GMT--US ICSC Chain Stores/Weekly
- 1330 GMT--US GDP Final/Q3
- 1355 GMT--US Redbook/Weekly
- 1500 GMT--US Existing Home Sales/Nov
- 2130 GMT--US API Petroleum Data/Weekly
- OPEC Meeting in Luanda, Angola
RELATED NEWS
> Saudi 2010 deficit rises as it boosts investment[]
> Venezuela says Orinoco oil upgraders on the mend[]
PRICES
Oil prices as of 0008 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude FEB0 $73.66 -0.06 -$0.70 -0.94% $74.04
Heat Oil JAN0 194.50 -0.02 -1.15 -0.59% 197.24
RBOB JAN0 186.80 -0.11 -2.57 -1.36% 192.03
Natgas JAN0 $5.684 +0.015 -$0.113 -1.95% $5.074
ICE Contracts
Brent FEB0 -- +0.00 -$0.76 -1.03% $75.52
Gasoil JAN0 -- +0.00 +$6.50 +1.09% $605.76
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 Michael Watson)
