Crude-Oil Futures Rangebound Ahead of EIA Data

Crude-oil futures fell in Asian trading Wednesday, with investors limiting their activity ahead of data on stocks from the Energy Information Administration due later in the day.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at $96.65 a barrel at 0600 GMT, down $0.54 in the Globex electronic session. May Brent crude on London's ICE Futures exchange fell $0.38 to $110.31 a barrel.

"Before the EIA data, prices are likely to fluctuate in a narrow range...for now, focus is on the inventories," Ker Chung Yang, investment analyst at Phillip Futures in Singapore, said by telephone.

Investors are paying special attention to signs of increased stocks in the aftermath of that shutdown of Exxon Mobil's 95,000-barrel-a-day Pegasus pipeline in the U.S., which could increase already-bloated crude levels in the middle of the country.

While the stock build is bearish for Nymex, Brent prices were buoyed immediately after the Pegasus shutdown given the potential need for cross-Atlantic supplies at the pipeline's destination in Texas, on the U.S. Gulf coast.

Analysts forecast the EIA data to show an increase of 1.5 million barrels of crude oil last week, while gasoline stocks are seen dropping by 500,000 barrels.

American Petroleum Institute data released late Tuesday for the same period showed oil stocks rose 4.7 million barrels and gasoline stocks fell 5 million barrels.

The onset of the summer driving season will likely lend support to oil prices over the next few weeks, Phillip Futures' Mr. Ker said.

"Since the summer driving season is coming closer, stocks may be declining more than expected," he said.

In a report, Mirae Asset Securities tipped an upside target of $115 a barrel for Brent over the next few weeks, saying higher demand will drive the forecast gains.

Later this week, attention will turn to U.S. jobs numbers, which are due for release Friday and represent the most important data point of the week for commodities and energy markets. Bullish data are expected following recent indicators showing a recovery in U.S. employment.

Nymex reformulated gasoline blendstock for May--the benchmark gasoline contract--fell 80 points to $3.0328 a gallon, while May heating oil traded at $3.0831, 43 points lower.

ICE gasoil for April changed hands at $926.50 a metric ton, down $3.00 from Tuesday's settlement.

Write to Clementine Wallop at clementine.wallop@dowjones.com

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According to the Bank of Korea (BOK), country's foreign reserves reached $327.41 billion in March, up $10 million from the previous month.

SEOUL(BullionStreet): Asia's fourth largest economy, South Korea's forex reserves remained almost flat despite buying 20 tons of gold in February.

According to the Bank of Korea (BOK), country's foreign reserves reached $327.41 billion in March, up $10 million from the previous month.

Analysts said higher investment profits overshadowed the lower dollar conversion value of non-dollar assets held by the central bank.

In February, the BOK bought 20 tons of gold, raising the central bank's gold holdings to 104.4 tons valued at $4.79 billion.

Forex reserves reached $327.4 billion last month, the first fall in nine months after hitting a record high of $328.91 billion in January.

Foreign reserves consist of securities and deposits denominated in overseas currencies, along with International Monetary Fund reserve positions, special drawing rights and gold bullion.

The BOK said that the central bank logged higher management profits last month, but a stronger U.S. dollar lowered the conversion value of non-dollar assets.

Last month, the euro declined 2.4 percent to the U.S. dollar from a month earlier while the yen depreciated 2.1 percent per greenback.

But the British pound inched up 0.2 percent versus the dollar. Despite some fluctuations, the FX reserves have been on the rise, aided by the continued trade surplus and inflows of foreign capital.

South Korea remained world's seventh-largest holder of foreign exchange reserves.

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