Reuters logo
NYMEX-U.S. crude holds above $102, rise in OPEC supply weighs
June 3, 2014 / 12:42 AM / 3 years ago

NYMEX-U.S. crude holds above $102, rise in OPEC supply weighs

SINGAPORE, June 3 (Reuters) - U.S. crude held steady above $102 a barrel on Tuesday, but was near a two-week low as a rise in OPEC supply offset an improved demand outlook after manufacturing activity expanded in the United States and China last month.

FUNDAMENTALS

* U.S. crude for July delivery edged down 1 cent to $102.46 a barrel by 0016 GMT.

* July Brent crude traded near its lowest in three weeks at $108.89 a barrel, up 6 cents.

* Oil exports from Iraq rose by 8 percent in May and a new floating terminal was inaugurated that will expand shipping capacity from the country’s southern ports by 800,000 barrels per day (bpd), the oil ministry said.

* OPEC’s oil output has risen to a three-month high in May, a Reuters survey found on Friday, as increased supplies from Angola and a further gain in exports from southern Iraq outweighed worsening unrest in Libya.

* U.S. commercial crude oil, distillate and gasoline inventories were expected to have risen in the week to May 30, a preliminary Reuters poll of five analysts showed.

* Oil industry studies concluding that Bakken crude oil is safe to move by rail under existing standards may underestimate the dangers of the fuel and should not be the last word, U.S. lawmakers and industry officials said.

* A potential shortfall in investment in production in the Middle East could create a $15 spike in the oil price by 2035, the energy arm of the Organisation for Economic Co-operation and Development (OECD) said.

* As international crude futures remain stubbornly high near $110 a barrel, the market is increasingly polarised between those who see lower prices for physical cargoes as a red flag for oil bulls and those who think the weakness is a blip.

* Russian oil and gas condensate output edged down 0.1 percent in May from April, declining for the fifth month in a row in terms of daily production, Energy Ministry data showed on Monday, on the back of the depletion of fields in West Siberia.

* The first tanker carrying piped Iraqi Kurdish crude headed towards Morocco’s Mohammedia port on Monday after reversing course on Friday away from the United States, Reuters AIS Live ship tracking showed.

* U.S. and China manufacturing activity expanded in May, putting the world’s two largest economies on a seemingly firmer path to recovery, but a slowdown in euro zone factory growth boosted expectations of policy easing by the European Central Bank.

MARKETS NEWS

* The dollar hovered at its highest in over three months against a basket of major currencies early on Tuesday, having risen on the back of upbeat U.S. data and with the euro still in the doldrums.

DATA/EVENTS

* The following data is expected on Tuesday: (Time in GMT)

0100 China Official non-manufacturing PMI May

0145 China HSBC manufacturing PMI final May

0900 Euro zone Inflation May

0900 Euro zone Unemployment rate April

1345 U.S. ISM-New York index May

1400 U.S. Factory orders April

1400 U.S. IBD economic optimism index June

Reporting by Florence Tan; Editing by Richard Pullin

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below