RTRS: NYMEX-Crude edges lower, choppy awaiting EIA data
* OPEC boosts forecast for 2010 global oil demand growth
* China crude oil imports up in Feb vs Jan
* Coming up: EIA data Wednesday 10:30 a.m. EST (1530 GMT)
NEW YORK, March 10 (Reuters) - U.S. crude oil futures edged
lower on Wednesday in choppy trading ahead of the government's
oil inventory report and after an industry report late Tuesday
showed crude stockpiles rose more than expected last week.
"Oil in New York is trading below $82 a barrel following a
bearish report from the API yesterday afternoon. The market
received a nice boost after China reported its crude oil
imports rose sharply," Addison Armstrong, analyst at Tradition
Energy in Stamford, Connecticut, said in a research note.
China's crude oil imports in February increased from
January and were the second largest on record on a daily basis.
Also in February, China switched back to being a net refined
fuel importer. [ID:nTOE62808W]
The American Petroleum Institute's report on Tuesday showed
crude oil stockpiles rose 6.5 million barrels in the week to
March 5. [API/S]
Gasoline stocks fell 3.2 million barrels and distillate
inventories fell 2.8 million barrels, as imports for both and
for crude oil and refined products fell, the API said.
The U.S. Energy Information Administration report will
arrive on Wednesday at 10:30 a.m. EST (1530 GMT).
A Reuters survey ahead of the API report forecast for U.S.
crude stocks to have risen 1.9 million barrels. The forecast
was for distillate stocks to be down 900,000 barrels and
gasoline supplies to have risen 200,000 barrels. [EIA/S[
PRICES
* On the New York Mercantile Exchange at 9:52 a.m. EST
(1452 GMT), April CLJ0 crude was down 10 cents, or 0.12
percent, at $81.49 a barrel, trading from $81.05 to $81.95.
* In London, April Brent crude LCOJ0 edged down 5 cents,
or 0.06 percent, to $79.86 a barrel, trading from $79.47 to
$80.48. Trading for Brent also was choppy.
* NYMEX April RBOB RBJ0 edged up 0.17 cent, or 0.08
percent, to $2.2620 a gallon, trading from $2.2580 to $2.2805.
* NYMEX April heating oil HOJ0 was up only 0.02 cent, or
0.01 percent, at $2.09 a gallon, trading from $2.0821 to
$2.1068.
* The April/April heating oil crack spread <0#CL-HO=R> was
at $6.42. It ended at $6.28 on Tuesday. The April/April RBOB
crack spread <0#RB-CL=R> was at $13.64. It ended Tuesday at
$13.44.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $8.78, based on
the April 2015 contract Tuesday settlement at $90.17. The
spread ended Tuesday at $8.68.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $80.40/$70.00
Technical support/resistance:
NYMEX crude: $80.15/$83.95
NYMEX heating oil: $2.0540/$2.1255
NYMEX RBOB: $2.22/$2.30
For a full report on technicals, click on [ID:nLDE6291IX]
MARKET NEWS
* OPEC's monthly report said world demand will rise by
880,000 barrels per day in 2010, up from its previous forecast
of 810,000 bpd. It also pointed to a further rise in production
from its members in defiance of agreed limits. [ID:nLDE6291EF]
* OPEC ministers meet March 17 amid expectations they will
keep production steady.
* The euro was little changed against the dollar, which was
up versus the basket of currencies index. .DXY
* Wall Street rose at the open as a slew of new corporate
deals and a surge in bailed-out U.S. financial stocks boosted
investor sentiment. [.N]
* Saudi Arabia will reduce crude supply in April to a major
Asian buyer, the first cut to a big lifter since late 2009, but
will keep full contracted volumes to others. [ID:nTOE62406V]
Factbox on OPEC comments ahead of upcoming meeting:
[ID:nLDE61P1NL]
(Reporting by Robert Gibbons; editing by Jim Marshall)