May 30, 2012 / 10:08 PM / in 5 years

NYMEX-Crude slumps on economic growth concerns

* Euro slumps vs dollar, pressures oil
    * U.S. crude stocks fell last week -API
    * Coming up: EIA oil data 11 a.m. EDT Thursday

    NEW YORK, May 30 (Reuters) - U.S. crude futures tumbled more
than 3 percent o n W ednesday, falling to a seven-month low on the
threat to petroleum demand from a spreading euro zone debt
crisis and China's signal that it is not planning a large
economic stimulus. 	
    Rising borrowing costs for Spain and Italy and the latest
poll showing a lead for Greece's left-leaning, anti-austerity
parties ahead of next month's elections added to concerns about
the region's economy being enveloped in the debt turmoil.	
    U.S. crude was headed for a monthly decline of more than 17
percent for May. Equities and other commodities, like industrial
feedstocks platinum and copper, also felt pressure from the
mounting crisis in the euro zone economy.  	
    Expectations that China would act to counter slowing growth
were dimmed after influential academics said Beijing should shun
aggressive fiscal stimulus, in remarks published in leading
state-backed newspapers. 	
    U.S. crude inventories fell by 353,000 barrels last week,
according to industry group the American Petroleum Institute's
weekly report. 	
    Gasoline stocks rose 2.1 million barrels and distillate
stocks fell 1.3 million barrels, the API said.	
    Crude stocks had been forecast to be up, by 600,000 barrels.
Gasoline stocks were expected to be down 800,000 barrels, with
distillate stocks seen near flat, down 100,000 barrels. 	
    	
    FUNDAMENTALS	
    * On the New York Mercantile Exchange, July crude 
fell $2.94, or 3.24 percent, to settle at $87.82 a barrel, the
lowest settlement since the Oct. 21 close of $87.40.	
    * U.S. crude fell to $87.27 in post-settlement trading,
lowest intraday price for front-month crude since prices fell as
low as $87 on Oct. 24.	
    * The Thomson Reuters-Jefferies CRB index, a global
benchmark for commodities, tumbled 1.68 percent to the lowest
levels since September 2010. 	
    *  U.N. nuclear inspectors showed new satellite imagery
indicating that Iran may be conducting clean-up work at the
Parchin military site where inspectors suspect tests relevant to
developing weapons have been carried out. 	
        	
    MARKETS NEWS	
    * U.S. stocks fell as surging bond yields in Spain and Italy
ratcheted up tensions in financial markets about Europe's
ability to solve its growing debt crisis. 	
    * London copper fell more than 2 percent, turning negative
for the year and coming within $20 of its 2012 low on fears of a
widening European debt crisis and fading hopes for a Chinese
stimulus. 	
    * The euro weakened 1 percent in value against the U.S.
dollar, slumping to a near two-year low as Europe's sovereign
debt crisis and banking sector concerns sapped investors'
resolve and pushed them to sell the euro zone currency. 	
    	
    UPCOMING DATA/EVENTS	
    * U.S. jobless claims data due at 8:30 a.m. EDT (1230 GMT)
on Thursday.	
    * U.S. Energy Information Administration natural gas storage
data due at 10:30 a.m. EDT (1430 GMT) on Thursday.	
    * U.S. EIA oil inventory data due at 11 a.m. EDT (1500 GMT)
on Thursday.	
    * NYMEX gasoline and heating oil June contracts expire on 	
Thursday.	
    * U.S. May nonfarm payrolls report due at 8:30 a.m. EDT 	
(1230 GMT) on Friday.    	
    	
        SETTLE     NET    PCT     LOW    HIGH  CURRENT  DAY AGO
                  CHNG   CHNG                      VOL      VOL
 CLc1    87.82   -2.94  -3.2%   87.27   90.92  282,778  262,562
 CLc2    88.14   -2.95  -3.2%   87.59   91.19   47,765   39,477
 LCOc1  103.47   -3.21  -3.0%  102.85  106.82  217,808  223,911
 RBc1   2.8582 -0.0483  -1.7%  2.8368  2.9158   14,547   31,789
 RBc2   2.7739 -0.0596  -2.1%  2.7535  2.8465   58,245   56,109
 HOc1   2.7398 -0.0690  -2.5%  2.7309  2.8179   18,928   19,779
 HOc2   2.7438 -0.0694  -2.5%  2.7353  2.8215   65,692   51,677
                                                                             
 TOTAL MARKET            VOLUME                 OPEN  INTEREST
              CURRENT    May 29   30D AVG     May 29  NET CHNG
 CRUDE        513,300   452,296   518,214  1,440,107      -466
 RBOB         151,917   138,411   162,613    293,500    -5,856
 HO           154,160   106,668   132,341    322,597    -6,912

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