* EIA inventory data due after API shows mogas supply up
* Dollar strengthens
NEW YORK, June 24 (Reuters) - U.S. crude oil futures edged lower on
Wednesday as the market reacted to industry data out Tuesday showing
gasoline supplies rose last week, and anticipated the government's report
due later in the morning.
A stronger dollar helped pressure oil, though a U.S. durable goods
orders report did lift crude off its low.
New U.S. durable manufactured goods orders rose 1.8 percent in May,
Commerce Department data on Wednesday showed. Analysts had expected a
decline. [ID:nN24158406]
The U.S. dollar pared gains against the euro, but advanced further
against the yen after the durable goods report. [USD/]
Wall Street opened higher after the surprisingly strong durable goods
orders report and ahead of a results from a Federal Reserve policy meeting
later in the day. [.N]
At the end of its two-day meeting, the Fed is widely expected by
economists to leave the benchmark federal funds rate at almost zero.
American Petroleum Institute data on Tuesday showed inventories of
gasoline rose 3.7 million barrels, well above the predictions.
[ID:nN23611991]
API reported crude supplies fell less than expected and that distillate
supply rose much more than forecast.
The U.S. Energy Information Administration will release its inventory
report on Wednesday at 10:30 a.m. EDT (1430 GMT).
A Reuters analyst survey yielded a forecast for crude stocks to have
fallen 1.0 million barrels last week, while gasoline stocks were seen up
1.3 million barrels and distillates were expected to be up 800,000 barrels.
[EIA/S]
PRICES
* On the New York Mercantile Exchange, at 9:45 a.m EDT (1345 GMT),
August crude CLQ9 was down 51 cents, or 0.74 percent, at $68.73 a barrel,
trading from $68.06 to $69.18.
* In London, August Brent crude LCOQ9 fell 44 cents, or 0.64 percent,
to $68.36 a barrel, trading from $67.58 to $68.79.
* NYMEX July RBOB RBN9 fell 3.40 cents, or 1.8 percent, to $1.8592 a
gallon, trading from $1.8433 to $1.8680.
* NYMEX July heating oil HON9 fell 1.25 cents, or 0.71 percent, to
$1.7565 a gallon, trading from $1.7360 to $1.7603.
* The August/August RBOB crack spread <0#RB-CL=R> was at $9.36, after
ending at $10.17 on Tuesday. The August/August heating oil crack spread
<0#CL-HO=R> was at $6.76, after ending at $6.94 on Tuesday.
* The spread between the current front month and the five-year forward
crude contract CLc61 was at $15.37, based on the August 2014 contract
Tuesday settlement at $84.10.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $70.19/$69.16
Technical support/resistance:
NYMEX crude: $65.90/$69.40
NYMEX heating oil: $1.6856/$1.7694
NYMEX RBOB: $1.82/$1.87
For a report on technicals click [ID:nLO104901]
MARKET NEWS
* A plunge in Japanese crude imports last month and the hovering of
weekly refinery utilization rates near a 13-year low show that oil
consumption is still weak. [ID:nT180278]
* Kuwait's Oil Minister Sheikh Ahmad al-Abdullah al-Sabah told
reporters at parliament that it was not the right time for OPEC to boost
oil production. [ID:nLO630936]
* U.S. travel over the Independence Day holiday weekend will drop 1.9
percent this year compared to 2008, travel and auto group AAA projected on
Wednesday. [ID:nN24161876]
* Prospects for economic recovery next year have improved, the OECD
said on Wednesday. [ID:nLN270829]
(Reporting by Robert Gibbons; Editing by John Picinich)
