Reuters: Financial Services and Real Estate: UPDATE 1-NYMEX-Crude down on euro zone worries, weak data

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UPDATE 1-NYMEX-Crude down on euro zone worries, weak data Apr 30th 2012, 23:05 Mon Apr 30, 2012 7:05pm EDT * Paltry consumer spending, Midwest slowdown hits oil * OPEC April output highest since 2008-Reuters poll * Spain slips into recession, deepens euro zone worries * Coming up: API petroleum stocks data, 4:30 p.m. EDT Tuesday NEW YORK, April 30 (Reuters) - U.S. crude oil futures fell on Monday, reversing course after six straight days of gains, as Spain's relapse into recession, weak U.S. economic data and rising OPEC production sparked worries about global oil demand. The weak economic news pulled the euro lower against the dollar and caused U.S. equities to dip after a four-day rise. Both factors dented buying interest for oil and other key commodities. But losses were pared as investors hoped that the recent spate of bearish economic data will prod the U.S. Federal Reserve to adopt more monetary easing measures. For the month, however, U.S. crude gained, extending its rise to a third consecutive month. Oil investors will refocus on weekly industry and government petroleum inventory reports due Tuesday and Wednesday, respectively. U.S. crude stocks were forecast up by 2.3 million barrels in the week to April 27, a preliminary Reuters poll showed. Distillates stocks increased by 400,000 barrels, gasoline stocks fell by 300,000 barrels and refinery utilization edged up 0.5 percentage points, the poll also showed. FUNDAMENTALS * On the New York Mercantile Exchange, crude for June delivery settled at $104.87 a barrel, down 6 cents, or 0.06 percent. It traded between $103.88 to $105.16, just beneath the 100-day moving average of $105.17. * For the month, front-month crude gained $1.85, or 1.8 percent, rising for the third straight month. * In London, ICE Brent for June delivery fell 36 cents, or 0.30 percent, to settle at $119.47 a barrel. For the month, Brent dropped $3.41, or 2.78 percent, after three consecutive monthly gains. * Brent's premium against U.S. crude hit $14.60 at the close, narrowing slightly from $14.90 on Friday. * NYMEX MAY RBOB gasoline expired and settled at $3.1844 a gallon, down 2.18 cents, or 0.68 percent. * For the month front-month RBOB fell 20.55 cents, or 6.1 percent, falling in April for the first time since NYMEX introduced RBOB gasoline futures in late 2005. * NYMEX May heating oil settled at $3.1834 a gallon, edging up 0.27 cent, or 0.08 percent. * For the month, front-month heating oil gained 1.23 cents, or 0.4 percent, rebounding from a small loss in March. * The Organization of the Petroleum Exporting Countries' production for April rose to its highest level since September 2008, according to a Reuters poll. Output from the 12-member group averaged 31.75 million barrels per day, up from a revised 31.32 million bpd in March, the poll showed. * U.S. household income rose in March by 0.4 percent, the most in three months, but consumers socked away part of the extra cash and only modestly increased spending, by 0.3 percent, suggesting economic growth ended the first quarter on a soft note. * Business activity cooled much more than expected in the Midwest during April, according to the private Institute for Supply Management-Chicago. The report follows several other regional business surveys that have suggested the economy started the second quarter on a soft note. * Spain sunk into recession in the first quarter and economists said spending cuts aimed at meeting strict EU deficit limits, together with a reeling bank sector, would delay any return to growth until late this year or beyond. It is the second recession in just over two years for the euro zone's fourth-largest economy. * Valero Energy Corp said a catalyst work on a hydrocracking unit (HCU) at the 292,000 barrel per day Port Arthur, Texas, refinery was complete on Monday and the unit was increasing to planned rates. * Valero said the crude and coker units were restarted after completion of a turnaround at its 185,000-bpd St. Charles refinery in Norco, Louisiana and the units were increasing to planned rates. * Lyondell Basell Industries' 280,390 bpd Huston refinery is expected to run at near full capacity in the second quarter of 2012, company Chief Executive James Gallogly said. It ran at 92.4 percent of capacity in the first quarter. * BP Plc has five drilling rigs running in the Gulf of Mexico two years after its Macondo oil spill and the company aims to add three more by the end of 2012, said Bernard Looney, executive vice president for development at the sidelines of a Houston energy technology conference. * The share of privately owned U.S. homes fell to a 15-year low in the first quarter, Commerce Department data showed. MARKETS NEWS * U.S. equities were on track for their first monthly decline since November after data hinted the U.S. economy may be slowing and Spain's fall into recession underscored nagging stresses in the euro zone. * The euro dropped against the dollar and was headed for its worst month since December on the news about Spain and signs of a weaker momentum in the U.S. economy. * Copper fell for the first time in five days in thin volume trading, with investors refocusing on the macro economy and fears of a slowdown in China's economy. * Gold edged up on the day, on a better technical outlook that improved last week's gains, but ended the month slightly lower. UPCOMING DATA/EVENTS * American Petroleum Institute's weekly U.S. inventory report, Tuesday, 4:30 p.m. EDT (2030 GMT) SETTLE NET PCT LOW HIGH CURRENT DAY AGO CHNG CHNG VOL VOL CLc1 104.87 -0.06 -0.1% 103.88 105.16 191,427 182,104 CLc2 105.26 -0.06 -0.1% 104.29 105.54 45,712 40,469 LCOc1 119.47 -0.36 -0.3% 118.73 119.79 163,163 173,893 RBc1 3.1844 -0.0218 -0.7% 3.1688 3.2103 6,819 37,442 RBc2 3.1246 -0.0199 -0.6% 3.1092 3.1446 44,321 74,735 HOc1 3.1842 0.0007 0.0% 3.1658 3.1922 41,683 18,439 HOc2 3.1861 0.0007 0.0% 3.1682 3.1933 13,338 70,584 TOTAL MARKET VOLUME OPEN INTEREST CURRENT Apr 27 30D AVG Apr 27 NET CHNG CRUDE 375,463 335,862 521,697 1,566,369 -2,174 RBOB 110,462 192,410 183,554 312,081 -11,947 HO 79,635 183,249 136,235 307,319 -2,364 Link this Share this Digg this Email Reprints

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