U.S. crude oil future edged lower on
Wednesday in choppy trading ahead of government inventory data and as
traders eyed slumping equities buffeted by earnings news and a gloomy U.K.
growth forecast.
With the NYMEX June crude contract in the front-month position after
the May contract expired Tuesday, oil markets got a surprise report of a
crude supply dip in industry group American Petroleum Institute's report
released late Tuesday.
API said domestic crude supplies fell 1.0 million barrels to 370.2
million barrels in the week to April 17. Gasoline stocks rose 107,000
barrels and distillate stocks increased 458,000 barrels. [API/S]
A Reuters analyst survey yielded a forecast for a 2.6-million-barrel
increase in crude stocks. Gasoline supplies were forecast to have fallen
400,000 barrels with distillates down 700,000 barrels, the poll showed.
[EIA/S]
The U.S. Energy Information Administration will release its data
Wednesday at 10:30 a.m. EDT (1430 GMT).
* The International Monetary Fund said Wednesday the world economy has
fallen into a severe recession, cutting its forecast for global growth.
[ID:nN21500818]
PRICES
* On the New York Mercantile Exchange at 9:30 a.m., June crude CLM9
was down 15 cents, or 0.31 percent, at $48.40 a barrel, trading from $47.70
to $49.09.
* On Tuesday, NYMEX May crude CLK9 expired having risen 63 cents, or
1.37 percent, to settle at $46.51 a barrel,
* In London, June Brent crude LCOM9 fell 29 cents, or 0.58 percent,
to $49.53 a barrel, trading from $49 to $50.32.
* NYMEX May RBOB RBK9 fell 1.24 cents, or 0.88 percent, to $1.4020 a
gallon, trading from $1.3901 to $1.4230.
* NYMEX May heating oil HOK9 fell 1.13 cents, or 0.84 percent, to
$1.3365 per gallon, trading from $1.3242 to $1.3537.
* The June/June RBOB crack spread <0#RB-CL=R> was at $10.78 a barrel.
The June/June heating oil crack spread <0#CL-HO=R> was at $8.51.
* The spread between the current front month and the five-year forward
crude contract CLc61 was at $24.18 based on the June 2014 contract's
Tuesday settlement at $72.36. The spread between the expiring May contract
and the May 2014 contract ended at $25.90 on Tuesday.
