NEW YORK, May 14 (Reuters) - U.S. crude oil futures fell on Wednesday as oil markets reacted to inventory data showing crude supply increased slightly and distillate inventories rose more than expected last week.
Concerns about high prices curbing demand and news that Iran said it has no plans to cut crude oil exports also helped pressure oil futures.
On the New York Mercantile Exchange, June crude <CLM8> fell $1.58 or 1.26 percent to settle at $124.22 per barrel, trading from $123.77 to $126.04.
Crude futures had posted record peaks intraday for seven straight trading days before failing on Wednesday to push through Tuesday's $126.98 record peak.
NYMEX June crude contract options expire on Thursday.
In London, June Brent crude <LCOM8>, headed to expiration on Thursday, fell $2.24 to settle at $121.86 a barrel, trading from $121.45 to $124.29.
"With distillate supply up more than expected in the data, heating oil futures are giving back some of its gains," said Phil Flynn, analyst at Alaron Trading in Chicago.
"Demand is pathetic, with total product supplied over the past four weeks down versus year ago even as we approach driving season and should be focusing on the gasoline market," Flynn added.
NYMEX June heating oil <HOM8> fell 8.11 cents, or 2.19 percent, to settle at $3.6178 per gallon, trading from $3.6140 to $3.7228, an intraday record peak. Heating oil jumped 13.91 cents on Tuesday.
NYMEX June RBOB <RBM8> fell 1.96 cents, or 0.61 percent, to settle at $3.1804 a gallon, trading from $3.1691 to $3.2160. Tuesday's $3.2275 intraday peak was an record.
The heating oil crack spread <0#CL-HO=R> ended at $27.72, versus Tuesday's $29.55. The RBOB crack spread <0#RB-CL=R> ended at $9.35, after finishing at $8.60 on Tuesday.
U.S. Energy Information Administration released data on showing crude oil supply rose 200,000 barrels in the week to May 9, below analyst expectations. [EIA/S]
Distillate supply rose 1.4 million barrels, well above the forecast for an 800,000-barrel build. Gasoline stocks fell 1.7 million barrels, versus a forecast for supplies to be flat; but stocks remained 11.8 million barrels above year-ago.
But demand showed signs of faltering. Total products supplied over four-week period to May 9 averaged 20.5 million barrels per day, down 0.3 percent versus the year-ago period, according to the EIA.
Distillate exports to supply hungry Europe, Latin America and China have kept U.S. heating oil futures elevated. (Reporting by Robert Gibbons, editing by Matthew Lewis) ((robert.gibbons@thomsonreuters.com; + 1 646 223 6059; Reuters Messaging: robert.gibbons.reuters.com@reuters.net)) Keywords: MARKETS ENERGY NYMEX
NEW YORK, May 14 (Reuters) - U.S. crude oil futures fell more than $2 on Wednesday as oil markets reacted to inventory data showing crude supplies increased slightly and heating oil inventories rose more than expected last week.
Demand concerns and Iran saying it has no plans to cut crude oil exports helped pressure the oil futures complex.
On the New York Mercantile Exchange at 2:14 p.m. EDT (1814 GMT), June crude <CLM8> was down $1.80 or 1.43 percent at $124.00 per barrel, trading from $123.77 to $126.04. Tuesday's $126.98 peak was an intraday record high. (Reporting by Robert Gibbons) ((Email: robert.gibbons@thomsonreuters.com; + 1 646 223 6059; Reuters Messaging: robert.gibbons.reuters.com@reuters.net)) Keywords: ENERGY NYMEX/CRUDE
NEW YORK, May 14 (Reuters) - The New York Mercantile Exchange <NMX.N> said on Wednesday it will increase margins on heating oil-related contracts starting at the close of business on Thursday.
"Margins for the first month of the heating oil, New York Harbor heating oil calendar swap and heating oil financial futures contracts will increase to $8,500 from $8,000 for clearing members, to $9,350 from $8,800 for members, and to $11,475 from $10,800 for customers," NYMEX said in a statement. Second-month margins will rise to $8,000 from $7,500 for clearing members. Margins for the second month will be increased to $8,800 from $8,250 for members, and to $10,800 from $10,125 for customers.
Margins for third through 11th months will be hiked to $7,250 from $6,750 for clearing members, to $7,975 from $7,425 for members, and to $9,788 from $9,113 for customers.
Margins for all other months will increase to $6,750 from $6,250 for clearing members, to $7,425 from $6,875 for members, and to $9,113 from $8,438 for customers.
The NYMEX miNY heating oil futures contract will see margins for the first month increased to $4,250 from $4,000 for clearing members, to $4,675 from $4,400 for members, and to $5,738 from $5,400 for customers.
Second month NYMEX miNY heating oil futures margins will rise to $4,000 from $3,750 for clearing members, to $4,400 from $4,125 for members, and to $5,400 from $5,063 for customers.
Third to 11th month futures margins will be hiked to $3,625 from $3,375 for clearing members, to $3,988 from $3,713 for members, and to $4,894 from $4,556 for customers.
Margins for all other months will rise to $3,375 from $3,125 for clearing members, to $3,713 from $3,438 for members, and to $4,556 from $4,219 for customers. (Reporting by Matthew Robinson; Editing by Christian Wiessner) ((matthew.robinson@thomsonreuters.com: +1 646 223 6052; Reuters Messaging: matthew.robinson.reuters.com@reuters.net)) Keywords: MARKETS ENERGY/NYMEX
NEW YORK, May 14 (Reuters) - U.S. crude oil futures fell on Wednesday, ahead of the weekly government inventory report and after Iran said it has no plans to cut crude oil exports.
Oil markets remained focused on a tight distillate market that has kept heating oil futures near record levels.
"Iran has no plans to cut exports (pressured crude), but mostly just a pause before the release of EIA inventory data," said Tom Bentz, analyst at BNP Paribas Commodity Futures Inc.
The U.S. Energy Information Administration will release its weekly inventory report at 10:30 a.m. EDT (1430 GMT).
On the New York Mercantile Exchange at 9:55 a.m. EDT (1355 GMT), June crude <CLM8> was down $1.10, or 0.87 percent, at $124.70 per barrel, trading from $124.45 to $126.04. Tuesday's $126.98 peak was an intraday record.
In London, June Brent crude <LCOM8> fell $1.73, or 1.39 percent, to $122.37 a barrel, trading from $122.18 to $124.29.
Iran is exporting crude oil as usual and has no plans to cut exports, a senior oil official told Reuters on Wednesday, a day after the president was quoted as saying Tehran was considering a plan to cut output. [ID:nSP17893]
Oil surged to a record peak near $127 on Tuesday after Iranian President Mahmoud Ahmadinejad was quoted as saying Iran was studying a plan to cut output.
An expanded Reuters poll of analysts on Tuesday before the EIA inventory report yielded a forecast for crude oil supplies to have risen 1.8 million barrels last week and distillate supplies to be up 800,000 barrels. [EIA/S]
Gasoline supplies were forecast to be unchanged, with refinery utilization expected to be up 0.8 percentage point.
A tight distillate market, with European, Latin American and Asian buyers competing for exports from the United States, has kept U.S. heating oil futures at record levels.
"The ability of the heating oil market to quickly negate Monday's huge (nearly) 8-cent price loss reinforces our bullish opinion across the entire complex," said Jim Ritterbusch, president at Ritterbusch and Associates.
On Wednesday, NYMEX June heating oil <HOM8> seesawed, but was down 2.22 cents, or 0.6 percent, at $3.6767 per gallon. It had traded from $3.6705 to $3.7228, another record high.
NYMEX June RBOB <RBM8> was down 2.05 cents, or 0.64 percent, at $3.1795 a gallon, trading from $3.1745 to $3.2050. Tuesday's $3.2275 peak was a record.
The heating oil crack spread <0#CL-HO=R> was at $29.71, versus Tuesday's $29.55. The RBOB crack spread <0#RB-CL=R> was at $8.84, after finishing at $8.60 on Tuesday. (Reporting by Robert Gibbons; Editing by Walter Bagley) ((Email: robert.gibbons@thomsonreuters.com; + 1 646 223 6059; Reuters Messaging: robert.gibbons.reuters.com@reuters.net)) Keywords: MARKETS ENERGY NYMEX
NEW YORK, May 14 (Reuters) - U.S. crude oil futures fell more than $1 on Wednesday, ahead of the weekly government inventory report and after Iran said it has no plans to cut crude oil exports.
On the New York Mercantile Exchange at 9:44 a.m. EDT (1344 GMT), June crude <CLM8> was down $1.15, or 0.91 percent, at $124.65 per barrel, trading from $124.47 to $126.04. Tuesday's $126.98 peak was an intraday record high. (Reporting by Robert Gibbons) ((Email: robert.gibbons@thomsonreuters.com; + 1 646 223 6059; Reuters Messaging: robert.gibbons.reuters.com@reuters.net)) Keywords: ENERGY NYMEX/CRUDE
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