* U.S. crude stockpiles jump 3.7 million barrels -API
* IEA ups forecast for 2015 demand, supply
* Coming Up: EIA U.S. inventory report; 1430 GMT
* For a technical view, click: []
(Updates prices, details)
By David Sheppard
LONDON, June 23 (Reuters) - Oil fell by more than $2 towards
$75 a barrel on Wednesday after U.S. industry data showed a
surprise jump in crude and gasoline stocks, and investors looked
to government figures later in the day for confirmation.
The International Energy Agency (IEA) added to the bearish
mood by forecasting that supplies will be comfortable for the
next five years. []
At 1401, U.S. crude for August delivery <CLc1> slid $2.20 to
$75.65 a barrel, extending declines into a second day.
ICE Brent crude futures for August <LCOc1> fell $2.04 to
$76.00 a barrel.
The American Petroleum Institute (API) trade group said U.S.
crude stocks rose by 3.7 million barrels last week, contrary to
analysts' expectations for a drop of 800,000 barrels. []
Gasoline stocks also rose by 810,000 barrels, even though
demand generally peaks in the summer months as motorists in the
world's largest energy consumer take to the roads on holiday.
Analysts had predicted a 100,000 barrel draw.
"Driving season bulls have to acknowledge that inventories
are not likely to reach critically low levels," said Tim Evans,
an analyst at Citi Futures Perspective, adding that U.S.
gasoline demand is at its lowest level for this time of year
since 2004.
Later on Wednesday, traders will be watching the release of
the U.S. Energy Information Administration's (EIA) weekly
snapshot of oil and product inventories to see if the government
data provides a more definitive picture of demand. []
MEDIUM-TERM OUTLOOK
While average daily global oil consumption is expected to
grow by 1.2 million barrels each year between 2009 and 2015
supply will largely keep pace, the IEA said on Wednesday in its
annual medium-term oil and gas report.
"For the next few years, the oil market is marked by more
comfortable spare capacity than envisaged last year, and the
duration of the current gas glut is set to last beyond 2013, at
least in some regions. Yet, we shouldn't be complacent," the
Paris-based IEA said. []
Global oil production capacity was seen hitting 96.5 million
barrels per day (bpd) by 2015 from 91 million bpd currently, but
potential delays to new deepwater oil projects following the
accident at BP's <BP.L> oil rig in the U.S. Gulf of Mexico may
tighten supplies.
On Tuesday, a U.S. judge blocked the Obama administration's
six-month ban on deepwater drilling imposed in the wake of BP
Plc's <BP.L> Gulf of Mexico oil spill, but the White House said
it would appeal against the ruling. []
A tropical wave south of Haiti strengthened slightly
overnight and could develop into a tropical depression over the
next couple of days, the U.S. National Hurricane Center said on
Wednesday. []
If the storm develops and turns north to head for the area
between Mexico's Yucatan peninsula and western Cuba, as
suggested by some models, it could disrupt clean up operations
and oil production in the Gulf of Mexico. []
Prices of U.S. crude have gained less than 0.5 percent this
week after briefly jumping towards $79 on Monday.
They have climbed about 20 percent from a trough below $65 a
barrel a month ago but are still about $10 lower than the
19-month peak above $87 a barrel hit in early May, before the
onset of the European debt crisis.
(Additional reporting by Alejandro Barbajosa; editing by
Anthony Barker)
