TOKYO, March 11 (Reuters) - U.S. crude futures fell below $82
a barrel on Thursday after hitting an eight-week high above $83 a
day earlier on government data showing an unexpected decline in
U.S. gasoline inventories.
FUNDAMENTALS
* NYMEX crude for April delivery <CLc1> was down 28 cents at
$81.81 a barrel by 2358 GMT, after settling up 60 cents at $82.09
a day earlier.
On Wednesday, it rose as high as $83.03, the highest since
$83.95 on Jan. 11.
* Wednesday's gains came after the U.S. Energy Information
Administration data showed a surprise drop of 2.9 million barrels
last week. []
U.S. commercial crude oil stockpiles rose 1.4 million
barrels, below the 1.9 million barrels rise that analysts had
been expecting. Distillate stocks, which include heating oil and
diesel, fell by 2.2 million barrels, far more than the 900,000
barrel draw predicted by the market.
* The Organization of the Petroleum Exporting Countries
(OPEC) said it now thought the world would need 28.94 million
barrels per day of its crude this year -- an increase of 190,000
bpd from its previous assessment. []
It said total world demand was likely to rise by 880,000 bpd
in 2010, up from a previous estimate of 810,000 bpd.
* Global oil demand fundamentals are little changed from a
month ago, the head of the International Energy Agency said on
Wednesday, two days before the group releases its next monthly
forecasts. []
MARKETS NEWS
* Bank and technology shares lifted Wall Street on Wednesday
on hopes a revival in business demand will boost corporate
profits.
* The dollar slipped against the euro while the yen fell on
Wednesday, as risk appetite improved in general with a rise in
European and U.S. stocks, boosting demand for higher-yielding but
riskier currencies. []
* Japanese gross domestic product (GDP) grew a revised 0.9
percent in October-December from the previous quarter, against
economists' median forecast for a 1.0 percent expansion.
[]
The downward revision from a preliminary rise of 1.1 percent
was due to capital expenditure rising less than initially
reported and private inventories subtracted from growth.
DATA/EVENTS
* The following data is expected on Thursday:
- 0030 GMT--Australia Employment/Feb
- 0900 GMT--ECB Bulletin/Monthly
- 1300 GMT--Swiss National Bank Interest Rate
- 1330 GMT--US International Trade/Jan
- 1330 GMT--US Jobless Claims/Wkly
- March 2010 ICE Gas Oil Futures Contract Expires
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PRICES
Oil prices as of 2358 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude APR0 $81.81 -0.28 +$0.60 +0.74% $79.02
Heat Oil APR0 211.10 -0.52 +2.64 +1.26% 203.84
RBOB APR0 227.53 -0.98 +2.48 +1.10% 211.40
Natgas APR0 $4.586 +0.027 +$0.043 +0.95% $4.903
ICE Contracts
Brent APR0 -- +0.00 +$0.57 +0.71% $76.99
Gasoil MAR0 -- +0.00 +$14.50 +2.23% $622.43
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 Chris Gallagher)
