* EIA: crude stocks rose more than forecast last week
* Traders eyes on weak dollar, mixed equities
* April refined products up a little ahead of expiry
NEW YORK, March 31 (Reuters) - U.S. crude oil futures pared
gains on Wednesday after government inventory data showed
domestic crude stocks rose more than expected last week.
The disappointing data came after Tuesday's industry report
showed a slim build stock, a factor in the early rise of
front-month crude to $ 83.76, near the year's high of $ 83.95 hit
on Jan. 11th
Despite being trimmed gains, however, the month-end trade
NYMEX front-month puts crude futures on course to see its 12th
month of gains in the past month 14th
The Energy Information Administration said crude stocks
rose 2,9 million barrels in the week to March 26, far more than
The American Petroleum Institute's 421,000 barrel rise. A
Reuters poll forecast a 2.4 million barrel increase. [EIA / S]
NYMEX RBOB gasoline futures gave up part of their early
gains, after the EIA reported a surprise 300.000 barrel stock
increase, Overshadowing the API's and the drawdown 946.000
forecast for a 1.5 million barrel decline.
Nymex heating oil futures fell back from early highs, therefore,
with EIA data showing a 1.1 million barrel drawdown for
distillates, which include heating oil and diesel fuel.
The distillate data was below the forecast for a 1.6
million barrel decline, but more than the API's 1.0 million
barrel drawdown.
Refinery utilization rose far more than forecast, by 1.5
percentage point, to 82.6 percent of capacity, just above the
API's 1.3 percentage point rise but dwarfing the 0.2 percentage
point rise in the forecast.
"Today's EIA data has a bearish undertone, as a pick up in
refinery utilization generated a build for gasoline stocks
versus expectation of a decent size to draw, "said Chris
Jarvis, senior analyst, Caprock Risk Management, Hampton Falls,
New Hampshire.
The dollar retreated from a three-month high against the
yen and fell against the euro after data showed the United
States unexpected shed jobs in March. [USD /]
Wall Street weakened on the job as well as regional
manufacturing data. A rating downgrade of five Greek banks
added worries more about the euro zone economies. [. N]
PRICES
* On the New York Mercantile Exchange at 11:40 am EDT
(1540 GMT), May crude was up CLK0 48 percent cents, or 0.58,
at $ 82.85 a barrel, trading from $ 82.22 to $ 83.76.
* In London, May Brent crude gained 54 cents LCOK0, or
0.66 percent, at $ 81.82 a barrel, trading from $ 81.10 to
$ 82.60.
* NYMEX April RBOB was up 1:23 RBJ0 cents, or 0:54
percent, at 2.2870 a gallon, trading from $ 2.2706 to $ 2.3065.
* NYMEX heating oil rose April HOJ0 cents 1:17, or 0:55
percent, to $ 2.1364 a gallon, trading from $ 2.12 to $ 2.1610.
was at" onmouseover="this.style.backgroundColor='#ebeff9'" onmouseout="this.style.backgroundColor='#fff'">* The May / May heating oil crack spread <0 ho =" R"> was at
$ 7.77. It ended Tuesday at $ 7.16. The May / May RBOB crack spread
was at $12.89." onmouseover="this.style.backgroundColor='#ebeff9'" onmouseout="this.style.backgroundColor='#fff'"><0 cl =" R"> was at $ 12.89. It ended Tuesday at $ 13.06.
* The spread between the current front month and the
five-year forward contract CLc61 crude was at $ 4.41, based on
the May 2015 contract settlement Tuesday at $ 87.26. The spread
ended Tuesday at $ 4.89.
TECHNICAL
NYMEX crude 10-day/20-day moving average: $ 81.46 / $ 81.48
Technical support / resistance:
NYMEX crude: $ 80.00 / $ 84.40
NYMEX heating oil: $ 2.05 / $ 2.2055
NYMEX RBOB: $ 2.2075 / $ 2.3150
For a full report on technicals, click on [ID: nLDE62U0XB]
MARKET NEWS
* U.S. private employers shed jobs in March, 23.000, missing
expectations for an increase in jobs although fewer than the
adjusted 24.000 jobs lost in February, a report by a private
ADP Employer Services said. [ID: nWEN2273]
* OPEC officials on Tuesday appeared undecided on how to
respond if oil prices rose definitively above the $ 70 - $ 80 a
barrel range they have praised this month. [ID: nN30208773]
(Reporting by Gene Ramos and Robert Gibbons; Editing by
Marguerita Choy)
tags. business , forex , money , world
