RTRS: NYMEX-U.S. crude lower as Libya peace plans mulled
* Arab League says Libyan peace plan being mulled
* Fighting continues in OPEC-member Libya
* Coming up: EIA natural gas data, 10:30 a.m. EST Thursday
NEW YORK, March 3 (Reuters) - U.S. crude oil futures prices fell on
Thursday after the Arab League said it was trying to put together a peace
plan for Libya.
Brent crude futures also moved lower, though concerns that the turmoil
in Libya and other parts of the region may not be resolved lift prices from
initial lows.
Fighting, including bombings in key cities with oil infrastructure, in
OPEC-member Libya had lifted U.S. oil prices on Wednesday to its first
settlement above $100 a barrel since 2008.
U.S. government weekly inventory data on Wednesday showed an unexpected
drawdown in crude stocks and a gasoline stocks decline that was more than
expected likewise lifted U.S. crude futures. [EIA/S]
FUNDAMENTALS
* On the New York Mercantile Exchange, April crude CLJ1 fell $1.26,
or 1.2 percent, to $100.97 a barrel at 8:14 a.m. EST (1314 GMT), trading
from $100.37 to $102.94.
* Muammar Gaddafi's forces struck at rebel control of oil export hubs
in Libya's east for a second day as Arab states weighed a plan to end the
turmoil. A leader of the uprising said he would reject any proposal for
talks with Gaddafi to end the conflict. Witnesses said a warplane bombed
the eastern oil terminal town of Brega. [ID:nLDE72200E]
* The European Central Bank held interest rates at a record low of 1.0
percent as expected, despite rising inflation fears. [ID:nFLA3EE7L3]
* OPEC is concerned about turmoil in Libya but has enough surplus
capacity to cover any shortfall caused by the rebellion against Muammar
Gaddafi, Iraqi Oil Minister Abdul-Kareem Luaibi said. Luaibi said current
world oil prices were acceptable and were not affecting the global economy.
[ID:nLDE7220ON]
* China's leading refineries will cut crude oil throughput in March to
the lowest daily volume in a year, as heavy maintenance, bulging fuel
inventories and soaring crude costs dampen operation levels.
[ID:nL3E7E30JT]
* Euro zone gross domestic product for the fourth quarter of 2010 was
confirmed having expanded 0.3 percent from the third quarter and 2.0
percent annually.
MARKETS NEWS
* U.S. stock index futures rose after the Arab League said a peace plan
for Libya was under consideration, sending oil prices lower. [.N]
* The euro hovered near a four-month high against the dollar on
expectations that the European Central Bank is set to pave the way for for
rate rises later in the year. [USD/]
* Gold eased back from record highs after the Arab League said the
Venezuelan proposal to end the Libyan conflict was under consideration.
[GOL/]
UPCOMING DATA/EVENTS
* Weekly U.S. initial jobless claims due at 0830 local time are
expected at 398,000, down from last week's 391,000.
* The ISM's U.S. non-manufacturing business activity index for February
is due at 10:00 a.m. EST (1500 GMT) and expected at 64.0, down from
January's 64.6.
* U.S. weekly natural gas inventory data from the U.S. Energy
Information Administration, 10:30 a.m. EST, Thursday.
* U.S. nonfarm payrolls data released at 8:30 a.m. EST (1330 GMT) on
Friday are expected to have risen in February after being held down by
extreme winter weather in January. Employment is expected to have increased
by 185,000, which would be the largest gain in almost a year
8:14 LAST NET PCT LOW HIGH CURRENT DAY AGO
CHNG CHNG VOL VOL
CLc1 100.97 -1.26 -1.2% 100.37 102.94 63,121 322,429
CLc2 102.32 -1.16 -1.1% 101.67 104.25 19,300 109,281
LCOc1 114.59 -1.76 -1.5% 113.09 116.90 68,623 208,292
RBc1 2.9888 -0.0407 -1.3% 2.9804 3.0300 1,820 40,536
RBc2 2.9909 -0.0473 -1.6% 2.9894 3.0370 1,222 18,687
HOc1 3.0281 -0.0296 -1.0% 3.0114 3.0673 3,624 45,298
HOc2 3.0388 -0.0304 -1.0% 3.0293 3.0744 744 15,371
* NYMEX crude oil for April CLc1 fell $1.26 to $100.97 a barrel by 8:14
a.m. in volume of 63,121 lots.
(Reporting by Robert Gibbons; Editing by John Picinich)
