RTRS: NYMEX-Crude jumps as major Enbridge pipeline shut
* Largest Enbridge pipeline to U.S. shut due to leak
* IEA: Global oil demand growth up this year, down 2011
* Coming up: CFTC positions report, 3:30 p.m. EDT Friday
NEW YORK, Sept 10 (Reuters) - U.S. crude oil futures rebounded and were
trading well above $75 a barrel Friday after a shutdown Thursday of a major
Enbridge Inc. (ENB.TO: Quote) pipeline to the Midwest.
Enbridge closed its 670,000 barrel per day Line 6A, the largest of the
company's major three, after a leak was discovered near Romeoville,
Illinois. [ID:nSGE68901J]
The duct accounts for between 7 and 8 percent of total U.S. crude
imports and supplies Midwest refineries and the key storage hub in Cushing,
Oklahoma.
Canada is the largest oil exporter to the U.S. and Enbridge's pipelines
carry the lion's share of that crude.
The shutdown began pushing up NYMEX crude futures prices near the end
of electronic trading on Thursday and saw a narrowing of Brent's premium to
U.S. benchmark West Texas Intermediate. [CL-LC01=R]
Meanwhile, the International Energy Agency, in a monthly report, said
global oil demand growth would increase a little this year but slip in 2011
and fuel consumption could be much weaker if the world economy slows.
For a table of forecasts for world oil supply and demand, see
[ID;nLDE68911E]
FUNDAMENTALS
* On the New York Mercantile Exchange, October crude CLV0 at 8:20
a.m. EDT (1220 GMT) was up $1.44, or 1.94 percent, at $75.69 a barrel,
trading from $74.37 to $75.95. The day's high is a cent below Thursday's
intraday peak, which was the loftiest since Aug. 19.
* After dropping Thursday to $2.74 from $3.20 on Wednesday, WTI's
discount to Brent crude was just below $2 due to the Enbridge pipeline
shutdown.
* The National Hurricane Center was monitoring Tropical Depression Igor
in the far eastern Atlantic and one other tropical system in the Atlantic
basin on Friday, but neither showed signs of entering the energy-rich Gulf
of Mexico and disrupting offshore production. [ID;nN2005]
* The IEA, which advises major industrial countries on energy policy,
said global oil demand would average around 86.62 million bpd in 2010,
almost a 1.9 million bpd increase year-on-year, which was 40,000 bpd higher
than previously estimated. [ID:nLDE6890M4]
In 2011, the IEA forecast that consumption would rise to 87.89 million
bpd, up almost 1.3 million bpd year-on-year. It said demand growth next
year would be 50,000 bpd lower than last month's estimate.
* The U.S. Energy Information Administration said on Thursday that U.S.
crude oil stocks fell 1.9 million barrels last week, with distillates
stocks down 388,000 barrels and gasoline stocks down 243,000 barrels. But
total petroleum stocks rose 200,000 barrels, helped by a rise of 1.5
million barrel in propane/propylene stocks. [EIA/S]
MARKETS NEWS
* U.S. stock index futures rose slightly on low volume, buoyed by a
jump in crude oil prices. [.N]
* The dollar gave up most early gains against the yen, heading back
towards 15-year lows. The greenback fell 0.2 percent against a basket of
currencies .DXY =USD
ECONOMIC NEWS
* Commerce Dept releases wholesale inventories for July. 10 a.m. EDT
(1400 GMT) Economists in a Reuters survey forecast a rise of 0.4 pct
following June's 0.1 pct increase.
* ECRI releases weekly index of economic activity for week ended Sept.
3. 10:30 a.m. EDT. In prior week, index read 120.6.
8:19 LAST NET PCT LOW HIGH CURRENT DAY AGO
CHNG CHNG VOL VOL
CLc1 75.61 1.36 1.8% 74.37 75.95 80,628 359,759
CLc2 76.61 0.80 1.1% 75.69 76.97 70,709 174,429
LCOc1 77.48 0.01 0.0% 77.05 77.92 52,133 143,968
RBc1 1.9576 0.0218 1.2% 1.9335 1.9672 6,762 45,359
RBc2 1.9488 0.0167 0.9% 1.9296 1.9555 5,484 23,671
HOc1 2.0803 0.0119 0.6% 2.0646 2.0889 6,112 52,635
HOc2 2.1007 0.0107 0.5% 2.0844 2.1080 4,838 16,846
* NYMEX crude oil for October CLc1 rose $1.36 to $75.61 a barrel by 8:19
a.m. in volume of 80,636 lots.