NYMEX crude edges up, awaiting U.S. stock data
Reuters, 05.20.03, 9:31 PM ET
TOKYO, May 21 (Reuters) - NYMEX crude futures ticked up in electronic ACCESS trading on Wednesday following gains in New York, but trade was light with traders awaiting U.S. petroleum stock data.
New front-month July crude stood at $28.50 per barrel at 0110 GMT, up nine cents from Tuesday's close in New York, where it rose 12 cents to $28.41.
Volume for the contract was a modest 724 lots.
The market is supported by expectations that petroleum figures due out later in the day would show just a small increase in fuel supplies.
"The market is seeking direction. Until the U.S. petroleum data is out, traders are unwilling to take positions," a Tokyo-based broker said.
Analysts surveyed by Reuters forecast that the data would show that crude increased by 1.00 million barrels in the week that ended May 16.
Gasoline stocks were expected to post an average increase of 900,000 barrels, the survey showed.
Fears of more attacks following a spate of suicide bombings across the Middle East provided support to the market.
The United States ordered increased vigilance on Tuesday in case suicide bombings that killed 75 people in Morocco and Saudi Arabia presaged attempts to strike on American soil.
In other news, Venezuela expects to cut its oil output in June to comply with a new OPEC quota of 2.923 million barrels per day (bpd) agreed in late April, the president of state oil firm Petroleos de Venezuela told Reuters.
Ali Rodriguez said Venezuela, recovering from an oil strike in December and January, was currently pumping about 3.09 million bpd of crude and exporting 2.91 million bpd of oil.
In products trade, June gasoline was at 85.05 cents per gallon, up 0.03 cent, while June heating oil was at 73.40 cents a gallon, up 0.09 cent.
On the Tokyo Commodity Exchange, benchmark October crude was up 20 yen at 17,250 yen.
New benchmark December gasoline was at 24,090 yen after opening at 24,160 yen, while new benchmark December kerosene was at 27,100 yen after opening at 27,200 yen.
On the Singapore Exchange (SGX), front-month May Middle East crude futures were untraded.