SINGAPORE, July 9 (Reuters) - U.S. crude was headed for a
five-percent weekly gain after government statistics showed
robust U.S. demand growth and falling inventories, while
positive economic indicators lifted sentiment across markets.
FUNDAMENTALS
* West Texas Intermediate crude (WTI) rose 26 cents to
$75.70 a barrel on Friday at 0029 GMT on the New York
Mercantile Exchange, after touching an intraday peak of $76 on
Thursday, the highest price this month.
* Front-month WTI was still well below a 19-month peak
above $87 reached in early May, although it has rebounded
sharply from a trough below $65 on May 20.
* U.S. crude inventories fell 5 million barrels last week,
more than twice as much as expected, the Energy Information
Administration said on Thursday. []
* The nation's demand for distillate fuels, including
heating oil and diesel, soared 30 percent in the past four
weeks from a year earlier, according to the EIA, while gasoline
consumption climbed 2.4 percent in the same period.
* U.S. gasoline inventories unexpectedly rose by 1.32
million barrels last week, EIA data showed, tempering price
gains. But distillate stocks rose a smaller-than-expected
321,000 barrels. []
* Prices rose in tandem with equities markets on Thursday,
on solid earnings from key retail chains, and after U.S. Labor
Department data on Thursday showed jobless claims fell more
than expected last week, to their lowest level in two months.
[]
* The International Monetary Fund raised its 2010 global
growth forecast on Thursday, citing an expansion in Asia and in
U.S. private sector demand. The IMF raised its 2010 global
output growth forecast to 4.6 percent from 4.2 percent after a
fall of 0.6 percent in 2009. []
* The IMF said a double-dip recession was unlikely, which
helped boost the outlook for oil demand.
* Oil inventories at the key U.S. Cushing, Oklahoma, crude
oil hub fell more than 350,000 barrels in the week to July 6 to
38.9 million barrels, figures from energy industry data
provider Genscape showed on Thursday. []
MARKETS NEWS
* Wall Street staged a late-day surge on Thursday,
extending a rally to three days on upbeat U.S. jobs data that
also boosted European shares to 10-day highs and the euro to a
two-week peak. []
* Japan's Nikkei average rose 0.7 percent on Friday. []
DATA/EVENTS
Data expected on Friday (GMT):
- 0645 France industrial output for May
- 0800 Italy industrial output for May
- 1230 USDA output, stocks report for July
- 1300 Euroilstock inventory report for June
- 1400 U.S. wholesale inventories for May
- 1430 U.S. weekly ECRI index
RELATED NEWS
* The Obama administration declined to label China a
currency manipulator in a long-delayed report on Thursday,
spurring fresh calls from U.S. lawmakers for tough new steps to
pressure Beijing. []
PRICES
Oil prices as of 0027 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude AUG0 $75.71 +0.27 +$1.37 +1.85% $75.75
Heat Oil AUG0 201.25 +0.72 +2.66 +1.34% 204.36
RBOB AUG0 206.10 +0.99 +2.58 +1.27% 208.38
Natgas AUG0 $4.408 +0.009 -$0.166 -3.64% $4.807
ICE Contracts
Brent AUG0 $74.90 +0.19 +$1.20 +1.63% $75.61
Gasoil JUL0 $642.00 +1.75 +$13.75 +2.19% $651.11
Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
* = 20-day moving average for continuation month.
(Reporting by Alejandro Barbajosa; Editing by Clarence
Fernandez)
