Brent crude is above $108; natural gas slips; API, EIA data are next catalysts By Carla Mozee, MarketWatch LONDON (MarketWatch) — Crude-oil futures picked up small gains Tuesday, ahead of weekly U.S. oil-supply data that’s on tap for later in the day. Crude for April delivery CLJ4 -0.44% was up 5 cents, or 0.1%, to $101.18 a barrel, but also dipped lower during the session. The contract on Monday lost $1.42, or 1.4%, after weak Chinese trade data raised concerns about lower demand for energy and slower economic growth on a global scale. Crude futures rose during Asian trading hours, but “gains remained limited amid speculation of a rise in U.S. crude stockpiles,� ahead of U.S. government data, said analysts at ICICI Bank on Tuesday. Analysts polled Platts were looking for an increase in crude stocks of 2.3 million barrels for the week ended March 7. Trade group American Petroleum Institute will release its supply report late Tuesday, to be followed by figures from the U.S. Energy Information Administration on Wednesday. Last week, the EIA reported a rise of 1.4 million barrels in crude supplies, largely in line with expectations. The supply data for the most recent week is also expected to reflect a decline in gasoline stocks by 1.8 million barrels, and a fall of 900,000 barrels in distillate stocks. Distillates, which include heating oil, last week unexpectedly moved higher. Brent crude for April delivery, UK:LCOJ4 +0.01% , meanwhile, advanced during Tuesday’s session, picking up 0.2% at $108.31 a barrel. The European benchmark in the previous session dropped $1.07, or 1%. to $107.93 a barrel on the ICE Futures exchange. In other action, heating oil HOJ4 -0.40% shed 1 cent, or 0.1%, to $2.96 a gallon, while April gasoline RBJ4 -0.05% held steady at $2.95 a gallon. Natural gas for April delivery NGJ14 -0.82% slipped 3 cents, or 0.4%, to $4.63 per million British thermal units.

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