May 14, 2014 / 12:52 AM / 4 years ago

NYMEX-US crude nears $102 on oil inventory data

SINGAPORE May 14 (Reuters) - U.S. crude futures neared $102 per barrel on Wednesday, rising for a third straight session, after reaching two week highs on expectations that oil stockpiles fell to record lows last week.

FUNDAMENTALS

* U.S. crude for June delivery was up 23 cents to $101.93 a barrel at 0041 GMT after gaining $1.11 to close at $101.70 in the previous session, its highest settlement since April 29.

* Brent oil rose 14 cents to $109.38, after gaining 83 cents to close at $109.24 a barrel. The June contract expires on Thursday.

* Oil stocks at the Cushing, Oklahoma delivery hub dropped 590,000 barrels last week, according to figures on Tuesday from industry lobby group American Petroleum Institute. Total U.S. crude inventories rose by 912,000 barrels to 390.7 million barrels.

* U.S. commercial crude stocks were expected to have slipped by 100,000 barrels last week from 397.6 million barrels, according to an expanded Reuters poll released ahead of weekly inventory reports from the U.S. Department of Energy’s Energy Information Administration (EIA).

* Libya’s oil production is at 235,000 barrels per day (bpd), but details of output at the large El Sharara oilfield were still unclear after protesters ended a shutdown, the National Oil Corporation (NOC) said on Tuesday.

* Russia’s Gazprom demanded Ukraine pay a $1.66 billion pre-payment for June gas deliveries by June 2 the energy company said on Tuesday.

* A deal between Iran and six world powers over Tehran’s controversial nuclear programme is still possible by the self imposed July 20 deadline, a senior U.S. official said on Tuesday.

* China will not take large-scale stimulus measures to smooth short-term growth fluctuations, after a slew of economic data on Tuesday showed weaker growth, Vice Finance Minister Zhu Guangyao said on Tuesday.

MARKETS NEWS

* Asian shares inched up on Wednesday after Wall Street ended flat on Tuesday, while the euro wobbled close to five-week lows on heightened speculation of more European Central Bank stimulus next month.

DATA/EVENTS

* The following data is expected on Wedndesday:

- 0900 GMT Euro zone Industrial production March

- 1230 GMT U.S. Producer prices final April (Reporting by Keith Wallis; Editing by Ed Davies)

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