* Crude stocks at Cushing extend record levels-EIA
* Brent premium to U.S. oil widens, RBOB crack jumps
* U.S. gasoline inventories fall unexpectedly -EIA
* IEA trims 2010 global oil demand growth forecast
(Updates prices, adds details of Exxon's force majeure in Nigeria in para
5)
NEW YORK, May 12 (Reuters) - U.S. crude futures fell on Wednesday as
government data showing rising oil inventories in the world's top consumer
outweighed optimism over an austerity plan unveiled by Spain.
Inventories at Cushing, Oklahoma, the delivery point for the New York
Mercantile Exchange futures contracts, rose to a record 37 million barrels
in the week to May 7, according to the U.S. Energy Information
Administration. Total U.S. crude inventories rose more than expected.
[]
Rising inventories at Cushing, which currently has a capacity of more
than 53 million barrels, according to Reuters estimates, sent the premium
of London Brent crude to U.S. oil futures to the highest level since
February 2009. []
U.S. crude <CLc1> for delivery in June fell 58 cents to $75.79 a barrel
at 1:16 p.m. EDT (1816 GMT), after trading as low as $74.91 in the session.
The fall sent the discount of June to July U.S. futures to below $4 a
barrel, the lowest level since February 2009.
Brent crude <LCOc1> rose 77 cents to $81.26 a barrel, supported by
confirmation from ExxonMobil <XOM.N> it has declared force majeure on
shipments of Qua Iboe crude from Nigeria, which could tighten the Atlantic
basin market. [].
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For a graph on Brent's premium over U.S. crude:
http://graphics.thomsonreuters.com/gfx/NT_20101205134402.jpg
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U.S. RBOB gasoline traded higher, however, after EIA data showed an
unexpected 2.8-million-barrel decline in gasoline inventories as the United
States gears up for the summer driving season, when gasoline demand peaks.
The drop in crude and rise in gasoline sent the gasoline crack, which
measures the profits refiners receive from gasoline, to the highest level
since May 2009. []
"(The EIA report) was a little bit of a mixed message, with
higher-than-expected crude inventories, but that has been the status quo
lately as we see the spreads continue to widen with the big glut at
Cushing," said Mike Zarembski, senior commodities analyst for optionsXpress
in Chicago.
Oil prices earlier found support after Spain unveiled an austerity plan
that further eased jitters over euro-zone debt woes, boosting investor risk
appetite. []
U.S. crude had touched $87.15 on May 3, its highest level in almost 19
months, in response to expectations that global economic recovery would
boost demand after two straight years of declines.
The EIA data showed U.S. gasoline demand over the past four weeks up
2.7 percent compared with year-ago levels, while distillate demand rose by
7.5 percent for the same period.
The International Energy Agency on Wednesday trimmed its oil demand
forecast for 2010 by 50,000 barrels per day, however.
The report came a day after both the EIA and the Organization of the
Petroleum Exporting Countries raised their 2010 demand forecasts.
[]
Oil prices have been volatile since the European Union announced a
rescue package for the bloc's debt-stricken nations totaling almost $1
trillion two days ago.
(Reporting by Matthew Robinson, Gene Ramos and Robert Gibbons in New York;
Alex Lawler in London; Alejandro Barbajosa in Singapore and Reuters energy
desk in New York; Editing by John Picinich)
