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Rabu, 01 Juni 2011

NYMEX-Crude ends up on shut Canada-US pipeline, weak dollar - Reuters

* EU works on second bailout package for Greece
* Canada-U.S. crude pipeline shut by leak, lifts crude
* Coming up: API oil stocks data, 4:30 p.m. EDT Wednesday

NEW YORK, May 31 (Reuters) - U.S. crude futures rose on Tuesday, lifted by the closure of a pipeline carrying Canadian oil to the United States and a decline in the dollar on new hopes for a debt bailout for Greece.

Brent and U.S. crude prices reached three-week highs intraday, but still posted monthly losses for May that were the biggest in a year in percentage terms.

TransCanada Corp (TRP.TO) on Sunday shut its 591,000-barrels-per-day Keystone crude export pipeline, for the second time in less than a month, due to a small leak in Kansas. [ID:nN31283793]

The company had no estimate for when the pipeline, which runs from Alberta to the Cushing, Oklahoma delivery point for the U.S. oil futures contract, would be restarted.

The euro EUR= rose to a three-week high against the dollar as the European Union stepped up efforts to draft a second bailout package for Greece. [ID:nL3E7GV07I]

Brent crude LCOc1 rose $2.05, or 1.78 percent, to settle at $116.73 a barrel. It ended May down $9.16, or 7.3 percent for the month, the biggest monthly percentage loss since May 2010, when prices fell 14.6 percent.

The expiring NYMEX June RBOB gasoline RBM1 contract rose 5.84 cents, or 1.89 percent to settle at $3.1504 a gallon. RBOB gasoline posted a monthly loss for May of 31.43 cents, or 9 percent, the biggest monthly percentage decline since losing
10.3 percent in August.

The NYMEX June heating oil contract rose 6.58 cents, or 2.2 percent, to settle and go off the board at $3.0563 a gallon. NYMEX heating oil lost 19.95 cents, or 6.1 percent, for the month, the biggest monthly percentage loss since dropping 13.4
percent in May 2010, according to Reuters data.

FUNDAMENTALS

* On the New York Mercantile Exchange, July crude CLN1 rose $2.11, or 2.1 percent, to $102.70 a barrel. It traded from $99.60 to $103.39, the highest price since reaching $104.60 intraday on May 11.

* NYMEX crude prices ended May down $11.23, or 9.9 percent, for the month, the largest monthly percentage loss since tumbling 14.1 percent in May 2010.

* Storm-related power outages shut down a number of Enbridge Inc's (ENB.TO) oil pipelines in the U.S. upper Midwest, although throughput was being restored, the company said. [ID:nN31299604]

* Europe stepped up efforts to draft a second bailout package for Greece, with private-sector participation still seen as an option to help relieve the country of its massive debt burden. [ID:nL3E7GV07I]

* U.S. crude oil inventories were expected to have fallen last week as imports declined, a preliminary Reuters poll of analysts showed. [ID:nN3167536]

* Japan's oil product sales in April dropped 11.9 percent from a year earlier, as demand slumped and refinery operations were disrupted after the March 11 quake and tsunami. [ID:nL3E7GV0K4]

* Libyan leader Muammar Gaddafi is not prepared to leave Libya but will press efforts to find a political solution to the country's conflict, South African President Jacob Zuma said, in a statement issued after meeting Gaddafi on Monday.
[ID:nLDE74U17A]

MARKETS NEWS

* Wall Street bulls took the upper hand with a 1 percent rally as hopes for a new plan to deal with Greece's debt crisis relieved some investor worry, but grim economic data suggested more hurdles ahead as the S&P 500 closed out its worst month
since August. [.N]

* Copper rose to a four-week high, swept up in a wider commodity rally as the dollar fell against the euro and investors increased exposure in the asset class as a hedge against rising inflation. [MET/L]

* Gold dipped slightly in quiet trade after touching its highest in nearly four weeks, as a report that Germany could smooth the way for Greece to get a bailout prompted investment in riskier assets. [GOL/]

UPCOMING DATA/EVENTS

* U.S. Energy Information Administration natural gas storage data to be released at 10:30 a.m. EDT (1430 GMT) on Thursday.

* EIA oil inventory data to be released at 11 a.m. EDT (1500 GMT) on Thursday.

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