New York--Jun 29--NYMEX energy futures are seen trading near flat in another
lackluster session ahead of the release of American Petroleum Institute data
this afternoon, which are expected to show a rise in US crude stockpiles last
week but a drop in inventories of gasoline. With little news to give the market
direction, Aug crude is seen trading in a narrow range, brokers and traders
said.
* * *
NYMEX Aug crude ended the overnight Access session up 2c at $18.25. Jly
heating oil ended up 8 points at 45.10c, while Jly gasoline ended up 11 points
at 52.90c.
"You're looking at another sleeper today," a broker said. "This market is
not going anywhere until the APIs come out."
Crude inventories are expected to have increased 2.0-3.0 million barrels
last week, according to most brokers and analysts. However, gasoline stockpiles
are expected to have dropped 1.0-2.0-million-barrels, which could offset the
rise in crude stocks, some brokers said.
Stockpiles of distillates--which include heating oil and diesel fuel--are
expected to have increased 1.0-2.0 million barrels. Refinery runs are expected
to have dropped 0.2-0.5 percentage points.
Aug crude is expected to bounce around a 25c range, testing resistance at
$18.45 range. Support is seen at $18.10 and later at $17.95.
Meanwhile, the market is expected to shrug off news that US oil major Texaco
Corp. lifted force majeure on its crude oil loadings from Nigeria as of Monday
after youths vacated 2 offshore oil production platforms which they had been
occupying in protest since Jun 18. The force majeure was declared last week
after output of 50,000 barrels per day from 6 platforms was shut in by the
protest. (Story .12375)
UPCOMING:
--Aug crude options expire Jly 15, while Aug crude futures expire Jly 20.
--Jly product futures expire Wednesday.
--American Petroleum Institute data are due out after 1600 ET Tuesday, while US
Department of Energy releases its inventory report after 0900 ET Wednesday |
