NYMEX-Crude ends lower on GDP data, eyes Iran

NEW YORK, Jan 27 (Reuters) - U.S. crude oil futures ended lower on

Friday after erasing early gains as lower-than-expected U.S. economic

growth data for the fourth quarter of 2011 turned investors cautious.

Losses were slim on fears of supply disruption. Iran warned it may halt oil

exports to Europe as early as next week in response to the EU's move to ban the

country's crude by July.

The decline in crude futures was softened by a rally on gasoline futures.

NYMEX February RBOB gasoline shot up to a near five-month high before

ending nearly 3 percent higher in the wake of news that ConocoPhillips

had shut its 145,000 barrels per day gasoline-making unit, the largest in the

U.S., at its Bayway refinery in Linden, New Jersey.

The news stoked supply worries, as it came after a spate of refinery outages

and slated refinery closures in the East Coast, where refiners have complained

of poor margins.

The shutdown of the 350,000 bpd Hovensa LLC refinery in St. Croix, U.S.

Virgin Islands, by mid-February due to big losses that was announced last week,

as well as supply risks in Europe spawned by the insolvency of Swiss refinery

Petroplus were also supportive for gasoline futures.

As of the week to Jan. 20, U.S. gasoline inventories stood at 227.1 million

barrels, marking a 2.9 million barrel deficit from the year-ago level, according

to data from the U.S. Energy Information Administration.

Worries about the health of the European economy, an important guage for

oil-demand, eased a little on optimism that Greece would avoid a messy default,

even though lengthy debt-restructuring talks continue.

However, Fitch Ratings downgraded the sovereign credit ratings for Italy,

Spain, Slovenia, Belgium and Cyprus indicating there is a 1-in-2 chance of

further downgrades in the next two years, tempering hopes for a quick

resolution of the region's debt crisis.

FUNDAMENTALS

* On the New York Mercantile Exchange, crude for March delivery

settled at $99.56 a barrel, dipping 14 cents, or 0.14 percent. For the week,

front-month crude rose $1.10, or 1.1 percent, from the Jan. 20 close of $98.46.

* In London, ICE Brent for March delivery settled at $111.46 a

barrel, gaining 67 cents, or 0.60 percent. For the week, front-month Brent crude

rose $1.60, or 1.5 percent, from the Jan. 20 settlement of $109.86.

* Brent's premium against U.S. crude widened to $11.90 at the close, from

$11.09 on Thrusday.

* NYMEX February RBOB settled at $2.9268 a gallon, up 8.02 cents,

or 2.82 percent. It hit a high of $2.9677, the highest intraday for front-month

RBOB since Aug. 31, 2011, when prices hit $3.0573. For the week, the contract

leaped 14.24 cents, or 5.1 percent, the biggest weekly percentage gain since the

week to Dec. 23.

* NYMEX February heating oil closed at $3.0704 up 1.69 cents, or 0.55

percent. For the week, the contract gained 8.2 cents, or 2.74 percent.

* Hedge funds and other large investors increased their net long positions

on NYMEX crude oil futures and options by 10,079 contracts to 204,044 in the

week to Jan. 24, the highest level since November, a weekly report from the U.S.

Commodity Futures Trading Commission showed.

* The U.S. Gross Domestic Product expanded at a 2.8 percent annual rate in

the fourth quarter of 2011, the Commerce Department reported. That was up

sharply from the 1.8 percent reported for the previous quarter, but did not meet

economists' expectations in a Reuters poll for a 3 percent rate.

* The Thomson Reuters/University of Michigan's final reading on the overall

index on American consumer sentiment for January rose to 75.0, the highest level

since February 2011, from 69.9 the month before. The latest reading reflected

greater optimism about potential job market improvements.

* The gasoline-making unit was back to normal operations at Total

Petrochemicals' 232,000-bpd Port Arthur, Texas, refinery following a

Wednesday upset, sources familiar with operations there said.

* Royal Dutch Shell's Nigerian venture has completed repairs to a

damaged Nigerian oil pipeline and restored production, Shell said. The Nembe

Creek Trunkline was shut down on Dec. 24 due to leaks caused by crude theft,

delaying oil output of 70,000 bpd.

* South Sudan will complete a shutdown of oil production estimated in

November to be at 350,000 bpd by Saturday after talks between the country and

Sudan failed to reach a deal to resolve an oil crisis, South Sudan's top

negotiator said.

MARKET NEWS

* U.S. equities trimmed losses to end little changed in a spate of late

buying, after dropping earlier on the fourth-quarter GDP data.

* The euro rose to a 6-1/2 week high against the dollar on hopes Greece

would avoid a default on its debt.

* Copper dipped on moderate volume on the lower-than-expected GDP data,

which doused a rally in higher-risk assets.

* Gold rose nearly 1 percent, posting their biggest three-day rally since

late October, as disappointment over the GDP report improved the metal's

safe-haven appeal.

UPCOMING DATA/EVENTS

* Chicago Midwest business activity for December, 8:30 a.m. EST (1330 GMT),

Monday.

* U.S. personal income data for December, 8:30 a.m. EST (1330 GMT), Monday

SETTLE NET PCT LOW HIGH CURRENT DAY AGO

CHNG CHNG VOL VOL

CLc1 99.56 -0.14 -0.1% 99.13 100.63 240,945 260,744

CLc2 99.91 -0.13 -0.1% 99.47 100.94 43,355 57,610

LCOc1 111.46 0.67 0.6% 110.49 111.99 210,707 195,025

RBc1 2.9268 0.0802 2.8% 2.8379 2.9677 22,828 21,302

RBc2 2.9234 0.0726 2.6% 2.8424 2.9700 81,419 43,039

HOc1 3.0704 0.0169 0.6% 3.0428 3.0966 19,622 28,847

HOc2 3.0593 0.0147 0.5% 3.0335 3.0816 65,110 60,389

TOTAL MARKET VOLUME OPEN INTEREST

CURRENT Jan 26 30D AVG Jan 26 NET CHNG

CRUDE 436,390 514,378 515,790 1,366,361 -12,566

RBOB 245,271 107,161 120,769 328,968 -6,228

HO 161,569 136,575 141,939 279,859 -3,398

(Reporting By Gene Ramos and Robert Gibbons; Editing by David Gregorio)

Keywords: MARKETS ENERGY NYMEX

(gene.ramos@thomsonreuters.com)(646-223-6054)(Reuters Messaging: gene.ramos.reuters.com@reuters.net)

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