NYMEX-Crude down on inventory forecast, dollar

* Oil pressured as euro down against dollar

* Anticipated crude stock builds also weigh

* Euro, Wall Street lower on Greece concerns

* Coming up: CFTC to decide on contracts’ oversight

NEW YORK, April 27 (BestGrowthStock) – U.S. crude futures were down
sharply on Tuesday on expectations of another increase in crude
and refined product inventories in weekly industry and
government reports.

The euro’s fall against the dollar on uncertainty about
financial aid for debt-laden Greece also pressured crude
futures as investors sought less risky assets.

Traders were anticipating further supply builds when the
American Petroleum Institute releases its weekly inventory data
at 1630 EDT (2030 GMT) on Tuesday. On Wednesday the U.S.
Department of Energy releases its data at 1030 EDT (1430 GMT).

A preliminary Reuters poll on Monday forecast that domestic
crude stocks rose 400,000 barrels in the week to April 23. If
true, it would be the 12th increase in 13 weeks.

Distillate stocks, which include heating oil and diesel
fuel, were forecast up 1.3 million barrels, and gasoline up
500,000 barrels. [EIA/S]

“All of the major oil commodities remain oversupplied, with
inventories well stocked and the forward curve contango
continuing to widen for both crude and distillate,”
said Dominick Chirichella, senior partner at Energy Management
Institute in New York.

The euro fell (Read more about the trembling euro. ) against the dollar as investors sought
clarity about talks on financial aid for Greece, while worries
over credit risk in other countries led investors to dump the
single currency. [USD/]

“Some renewed weakening in the euro and some softening in
the global equity markets, although modest in both cases, is
chipping away at risk sentiment enough to force further
liquidation off of the front of the crude curves,” said Jim
Ritterbusch, president of trading consultants Ritterbusch &
Associates in Galena, Illinois.

Wall Street dipped at the opening on concerns about
Greece’s aid package.[.N]

On Tuesday, the premium of June Brent crude (LCOMO: ) over
June NYMEX crude (CLMO: ) shot up to $3.02, highest since Aug.
14, 2009. See [CL-LCO1=R]

Analysts point to growing inventories at the delivery point
for NYMEX-traded crude in Cushing, Oklahoma, for weakening WTI
crude.

Meanwhile, the NYMEX front-month heating oil crack spread
rose to $11.49, widest since Aug. 20, 2009, after ending at
$10.88 on Monday. See [CL-HO1=R]

PRICES

* On the New York Mercantile Exchange at 9:50 a.m. EDT
(1350 GMT), June crude (CLM0: ) was down 65 cents, or 0.77
percent, at $83.55 a barrel, trading from $83.06 to $84.21.

* In London on the Intercontinental Exchange, June Brent
crude (LCOM0: ) was down 43 cents, or 0.50 percent, at $86.40 a
barrel, trading from $85.90 to $87.05.

* NYMEX May RBOB (RBK0: ) was off 0.0031 cent, or 0.13
percent, at $2.3378 a gallon, trading from $2.3259 to $2.3452.

* NYMEX May heating oil (HOK0: ) was off 0.0012 cent, or 0.05
percent, at $2.2359 a gallon, trading $2.2220 to $2.2423.

* The June/June heating oil crack spread (0#CL-HO=R: ) was at
$11.58, after ending at $10.88 on Monday. The June/June RBOB
crack spread (0#RB-CL=R: ) was at $14.86, after ending at $14.30
on Monday.

* The spread between the current front month and the
five-year forward crude contract (CLc61: ) was at $11.16, after
ending at $10.51 on Monday. The June 2015 contract settled on
Monday at $94.71, up 30 cents, or 0.32 percent.

MARKET NEWS

* The U.S. Commodity Futures Trading Commission will decide
hold a hearing on Tuesday to decide whether two-dozen energy
contracts need more oversight because of the important role
they play in setting the price for a commodity.
[ID:nN26213190]

* Prices of U.S. single-family homes fell in February on a
monthly basis but posted the first annual increase in more than
three years, Standard & Poor’s/Case Shiller home price indexes
showed on Tuesday. [ID:nNLLRFE60V]

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(Reporting by Gene Ramos; Editing by Alden Bentley)

NYMEX-Crude down on inventory forecast, dollar