TOKYO, June 1 (Reuters) - U.S. crude futures hovered near a three-week high on Wednesday as prices extended gains into a third straight session, helped by concerns over a disruption of supply, with a focus on weekly inventory data due from the U.S. oil industry later in the day.
FUNDAMENTALS
* NYMEX crude for July delivery
* The contract hit a three-week high of $103.39 on Tuesday, propped up by the closure of a pipeline carrying Canadian crude to the United States after storm-related power outages.
* U.S. crude prices ended May down $11.23, or 9.9 percent, for the month, the largest percentage monthly loss since tumbling 14.1 percent in May 2010.
* London Brent crude for July delivery
* A Reuters poll of analysts on Tuesday estimated that crude stockpiles fell last week, with gasoline stocks higher and distillate stocks up slightly.
* Russia said on Tuesday it would finalise a major gas supply deal with China in time for a visit in mid-June by President Hu Jintao, wrapping up years of talks to open a new export route to the world's biggest energy market. [ID:nLDE74U1PL]
* Developments in Yemen and the conflict in Libya will keep the turmoil in North Africa and the Middle East in focus as OPEC oil ministers gather in Vienna in early June. [ID:nLDE73H1UN]
MARKETS NEWS
* Wall St bulls took the upper hand with a 1 percent rally on Tuesday 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.
* The euro touched a three-week high against the dollar on Tuesday amid hopes that Greece may avoid a debt restructuring, but further gains are likely to be capped by technical resistance after a weak monthly performance.
* There are early signs that China's appetite for overseas oil, copper, aluminium, iron ore and coal will recover in the second half of 2011, having been dogged for much of the first half by the government's campaign to put the brakes on growth and inflation. [ID:nL3E7GV0K1]
DATA/EVENTS
* The following data is expected on Wednesday: 0100 China NBS PMI May 2011 0130 Australia GDP yr/yr Jan 2011 0230 China HSBC PMI May 2011 0400 Russia Manufacturing PMI May 2011 0400 U.S. Total Vehicle Sales May 0500 India HSBC Markit Mfg PMI May 2011 0743 Italy Markit/ADACI Mfg PMI May 2011 0753 Germany Markit/BME Mfg PMI May 2011 0758 EZ Markit Mfg PMI May 2011 1145 U.S. ICSC chain stores yy Weekly 1400 U.S. ISM Manufacturing PMI May 1400 U.S. Construction spending Apr 2030 U.S. API petroleum stocks Weekly (Reporting by Risa Maeda; Editing by Edmund Klamann)
RECENT CRUDE OIL TRADES
Asia... Europe... Americas...
CRUDE OIL MARKET NEWS
Crude oil tenders in Asia........................
Crude oil supply outages in Asia............
Refinery outages in Asia....................
Global arbitrage news and flows.................
W.African crude imports to Asia, monthly........
REFINERY MAINTENANCE DIARIES
Asia... Middle East... Europe...
NATIONAL CRUDE IMPORT DATA
Japan.............. China..............
India.............. S.Korea............
Indonesia.......
CRUDE OIL INVENTORY DATA
Japan... US... Europe...
CRUDE OIL PRODUCTION/OILFIELD NEWS
OPEC output survey... New Asian fields...
New Africa fields... New Europe fields..
New Americas fields.. New projects.....
CRUDE OIL MARKET REPORTS
Middle East........... Asia-Pacific........
West Africa......... North Sea............
Asia outlook....... Europe outlook.....
Global futures report... Technicals report......
PRICES
For all Official Selling Prices......................
For a POLL on oil prices............................
NYMEX and ICE oil futures...........................
TOCOM crude oil futures.............................<0#JCO:>
Dubai, Oman swaps and spread...............
Middle East physical crude diffs...............
Australia physical crude, Tapis swaps..........
Asia-Pacific physical crude....................
All Asian crude oil differentials................<0#C-DIF-A>
All Asian crude oil outright prices..................<0#C-A>