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NYMEX-Crude ends lower on U.S. inventory build
March 14, 2012 / 8:58 PM / 6 years ago

NYMEX-Crude ends lower on U.S. inventory build

* U.S. crude inventories rose last week-EIA
    * Dollar strength helps pressure oil
    * Coming up: U.S. jobless claims 8:30 a.m. EDT Thursday

    NEW YORK, March 14 (Reuters) - U.S. crude futures fell
on Wednesday as rising crude oil inventories in the United
States and the dollar's strength combined to pressure oil
prices.	
    U.S. crude oil inventories rose 1.75 million barrels last
week, the weekly report from the Energy Information
Administration (EIA) said. 	
    Gasoline stocks fell 1.41 million barrels and distillate
stocks fell 4.68 million barrels.	
    Crude inventories were expected to have risen 1.7 million
barrels, according to a Reuters survey of analysts ahead of
weekly stocks reports.	
    Gasoline stocks were expected to be down 1.0 million barrels
and distillates to have fallen 1.3 million barrels.	
    The dollar hit an 11-month high against the yen and a
one-month peak versus the euro in a continued reaction a day
after the Federal Reserve upgraded its economic outlook amid a
stream of  U.S. data signaling a sustainable recovery. 	
        	
    FUNDAMENTALS	
    * On the New York Mercantile Exchange, April crude 
 fell $1.28, or 1.2 percent, to $105.43 a 
barrel, having traded from $105.12 to $107.02.	
    * U.S. crude stocks at the key Cushing, Oklahoma storage hub
last week rose to the highest level since June 2011, EIA data
showed. 	
    * Iran's oil minister said the country's oil exports were
running unchanged from last year despite pressure on buyers to
reduce purchases in the face of international sanctions. He also
said Iran was not experiencing problems with obtaining insurance
for its tanker fleet. 	
    * Saudi Arabia is committed to fill any "perceived or real"
oil supply gaps, Ali al-Naimi, the kingdom's oil minister said
in a speech at the International Energy Forum in Kuwait.
  	
    * Striking customs workers in Kuwait were not affecting oil
exports, the country's oil minister said. 	
    * British petrochemical maker Ineos shut a crude
distillation unit at its Grangemouth refinery in Scotland
earlier this week for planned maintenance, traders said.
 	
    * Edward Markey, the top Democrat on the House Natural
Resources Committee, asked the head of the U.S. futures
regulator whether Iran was the source of a rumor about a
pipeline fire in Saudi Arabia early March that sent Brent crude
prices to their highest since 2008. 	
    * Incremental oil supply from non-OPEC countries running
short of expectations and a high level of supply outages are
supporting oil prices despite slack global fuel demand growth,
the International Energy Agency said. 	
    	
    MARKETS NEWS	
    * Copper retreated from a one-week high, hit by
currency-related selling and concerns about an uncertain demand
outlook from top-consumer China. 	
    * Gold fell more than 2 percent in a second straight
decline, hit by technical selling and investors quitting bullion
trades a day after the Federal Reserve upgraded its U.S.
economic outlook and offered few clues on further easing. 	
    * The S&P 500 broke a five-day streak of gains as investors
found little reason to extend a rally that took the benchmark
index to four-year highs. 	
    	
    UPCOMING DATA/EVENTS	
    * U.S. weekly jobless claims data due at 8:30 a.m. EDT (1230
GMT) on Thursday.	
    * Brent April crude contract expires on Thursday.	
   	
        SETTLE     NET    PCT     LOW    HIGH  CURRENT  DAY AGO
                  CHNG   CHNG                      VOL      VOL
 CLc1   105.43   -1.28  -1.2%  105.12  107.02  272,636  282,350
 CLc2   105.95   -1.29  -1.2%  105.65  107.55  100,409  102,126
 LCOc1  124.97   -1.25  -1.0%  124.64  126.68  104,848  133,718
 RBc1   3.3470 -0.0076  -0.2%  3.3326  3.3809   42,258   48,628
 RBc2   3.3429 -0.0104  -0.3%  3.3289  3.3771   35,628   40,398
 HOc1   3.2618 -0.0094  -0.3%  3.2514  3.3032   44,612   39,046
 HOc2   3.2701 -0.0107  -0.3%  3.2600  3.3100   26,948   24,994
                                                                 
 TOTAL MARKET            VOLUME                 OPEN  INTEREST
              CURRENT    Mar 13   30D AVG     Mar 13  NET CHNG
 CRUDE        642,899   673,211   712,324  1,579,060     5,394
 RBOB         130,485   133,703   150,051    260,516       767
 HO           113,153    98,491   122,286    292,458     2,057

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