SINGAPORE, July 22 (Reuters) - U.S. crude held steady above $104 a barrel in early Asian trade on Tuesday, with worries over escalating geopolitical tension balanced by expectations of large draws in U.S. oil stockpiles. FUNDAMENTALS * U.S. crude for August delivery
CLc1 traded 6 cents higher at $104.65 a barrel by 0000 GMT. The August contract expires on Tuesday. * U.S. commercial crude oil inventories are likely to have dropped in the week to July 18, while product stockpiles rose, a preliminary Reuters survey of four analysts said on Monday.ID:nL2N0PW1CI * The analysts estimated, on average, that crude oil stocks fell 2.8 million barrels last week. The survey was taken ahead of weekly inventory reports from industry group the American Petroleum Institute (API) and from the U.S. Department of Energy's Energy Information Administration (EIA). * Libya state oil company National Oil Corp (NOC) has reached a deal with security guards to end a protest at eastern Brega oil port, which is expected to allow the terminal to reopen on Tuesday, a company spokesman said.ID:nL6N0PW50X * China's crude imports from Iran in the first half of the year were up nearly 50 percent, although shipments in June dropped nearly a third from May to the lowest level in four months.ID:nL4N0PW1GU * Refineries in South Korea plan to trim output in August on persistently weak margins and as some units are shut for maintenance, sources with direct knowledge of the matter said on Monday.ID:nL4N0PT1QB * In the United States, refiners are bidding furiously for crude in the opaque physical market, paying the highest premiums in months for coastal grades like Light Louisiana SweetWTC-LLS and MarsWTC-MRS , turning the cash crude market upside down.ID:nL2N0PW0TI * The United States, alarmed by escalating civilian bloodshed in an Israeli offensive in the Gaza Strip, took a direct role in efforts to secure a ceasefire on Monday, as the Palestinian death toll jumped to more than 500.ID:nL6N0PW0PV * In Ukraine, fighting broke out near the railway station at the heart of the rebel stronghold of Donetsk on Monday in what separatists said was an attempt by government forces to seize back a key city in the eastern part of the country.ID:nL6N0PW1H6 MARKETS NEWS * The dollar held steady against major currencies on Tuesday, as investors reduced holdings of stocks and other risky assets on anxiety about escalating violence in Gaza and Ukraine. * As a result, major global stock markets fell and bond prices rallied on Monday. MSCI's broadest index of Asia-Pacific shares outside Japan.MIAPJ0000PUS added 0.05 percent early Tuesday. DATA/EVENTS The following data is expected on Tuesday: (Time in GMT) 1230 U.S. CPI mm JunUSCPI=ECI 1230 U.S. CPI yy JunUSCPNY=ECI 1300 U.S. Monthly home price mm MayUSHPIM=ECI 1300 U.S. Monthly home price yy MayUSHPIY=ECI 1400 U.S. Existing home sales JunUSEHS=ECI 2030 U.S. API weekly crude stocks WeeklyUSOIAC=ECI 2030 U.S. API weekly dist. stocks WeeklyUSOIAD=ECI 2030 U.S. API weekly gasoline stk WeeklyUSOIAG=ECI (Reporting By Jacob Gronholt-Pedersen; Editing by Richard Pullin) ((jacob.pedersen@thomsonreuters.com)(+65 6417 4529)(Reuters Messaging: jacob.pedersen.thomsonreuters.com@reuters.net))((CRUDE OIL TRADES Asia...ACRU/T Europe...CRU/T Americas...CRU/TU CRUDE OIL MARKET NEWS Crude oil tenders in Asia........................CRU/TENDA Crude oil supply outages in Asia............CRU/OUT-ASIA-O Refinery outages in Asia....................REF/OUT-ASIA-O Global arbitrage news and flows.................O/CRUDEARB W.African crude imports to Asia, monthly........O/WAFRICA1 REFINERY MAINTENANCE DIARIES Asia...REF/A Middle East...REF/ME Europe...REF/E NATIONAL CRUDE IMPORT DATA Japan..............METI/JP1 China..............O/CHINA1 India..............O/INDIA2 S.Korea............O/KOREA1 Indonesia.......O/INDO1-CRU CRUDE OIL INVENTORY DATA Japan...O/JAPAN1 US...EIA/S Europe...O/EUROIL1 CRUDE OIL PRODUCTION/OILFIELD NEWS OPEC output survey...OPEC/O New Asian fields...ASIA/NEW New Africa fields...AFR/NEW New Europe fields..NSEA/NEW New Americas fields..AM/NEW New projects.....ENERGY/NEW CRUDE OIL MARKET REPORTS Middle East...........CRU/M Asia-Pacific........CRU/AP West Africa.........CRU/WAF North Sea............CRU/E Asia outlook.......ASIA/CRU Europe outlook.....EUR/CRU Global futures report...O/R Technicals report......O/I PRICES For all Official Selling Prices......................OSP/O For a POLL on oil prices............................O/POLL NYMEX and ICE oil futures...........................OILOIL TOCOM crude oil futures.............................0#JCO: Dubai, Oman swaps and spread...............ASIA/SWAP/CRUDE Middle East physical crude diffs...............CRUDE/ASIA2 Australia physical crude, Tapis swaps..........CRUDE/ASIA1 Asia-Pacific physical crude....................CRUDE/ASIA3 All Asian crude oil differentials................0#C-DIF-A All Asian crude oil outright prices..................0#C-A ))Keywords: MARKETS ASIA NYMEX/
NYMEX-U.S. crude steady above $104; draw in stockpiles expected
SINGAPORE, July 22 (Reuters) - U.S. crude held steady above $104 a barrel in early Asian trade on Tuesday, with worries over escalating geopolitical tension balanced by expectations of large draws in U.S. oil stockpiles. FUNDAMENTALS * U.S. crude for August delivery CLc1 traded 6 cents higher at $104.65 a barrel by 0000 GMT. The August contract expires on Tuesday. *
July 22, 2014
