CORRECTED - NYMEX-Crude ends slightly up as Sept expires

Fri Aug 21, 2009 9:56am EDT

 (Corrects that September contract expired higher)
 * NYMEX September crude expires, Oct ends down 1 percent
 * Jobless claims, other data show mixed economic picture
 NEW YORK, Aug 20 (Reuters) - U.S. crude oil futures ended slightly higher
amid choppy late trading on Thursday, with gains limited as traders closed out
positions on the front-month, now-expired September crude contract.
 Worries over the slow pace of economic recovery emerged early, with data
showing an unexpected rise in new claims for jobless benefits also keeping the
market advance stymied.
 Heating oil and gasoline futures finished with hefty losses, beleaguered by
persistent tepid demand amid bulging supplies.
 Crude futures rose more than $3, or nearly 5 percent, on Wednesday after
the Energy Information Administration said that crude oil stocks fell 8.4
million barrels last week. [EIA/S]
 Distillate stocks dipped by 700,000 barrels and gasoline stocks fell 2.1
million barrels, the EIA said.
 Despite the drawdowns, "supplies of both crude and products remain in
surplus, with this supply overhang taking on additional bearish significance in
view of continued weak demand," said Jim Ritterbusch, president of Ritterbusch
& Associates, in closing market notes.
 In late trading, Wall Street held on to gains as investors were reassured
after encouraging regional Federal Reserve data showed manufacturing expanded
in the mid-Atlantic region and news that Chinese equities rebounded. [.N]
 PRICES
 * On the New York Mercantile Exchange, September crude CLU9 expired and
settled up 12 cents, or 0.17 percent, at $72.54 a barrel, trading from $71.65
to $72.88.
 * The day's high is the highest since the June 30 peak of $73.38, which was
the highest intraday front-month crude oil price since crude hit $75.69 on Oct.
21.
 * NYMEX October crude CLV9 settled down 92 cents, or 1.25 percent, at
$72.91 a barrel, trading from $72.53 to $74.07.
 * In London, October Brent crude LCOV9 ended down $1.26, or 1.69 percent,
at $73.33 a barrel, trading from $73.10 to $74.78.
 * NYMEX September RBOB RBU9 ended down 5.24 cents, or 2.58 percent, at
$1.9822 a gallon, trading $1.9755 to $2.0435.
 * NYMEX September heating oil HOU9 settled 3.35 cents, or 1.75 percent,
lower at $1.8852 a gallon, trading from $1.8808 to $1.9266.
 * The September/September RBOB crack spread <0#RB-CL=R> ended at $10.71,
down from $13.03 on Wednesday. The September/September heating oil crack spread
<0#CL-HO=R> ended at $6.64, dropping from $8.17 on Wednesday.
 * The spread between the current front month and the five-year forward
crude contract CLc61 ended at $13.66, narrowing from $14.79 on Wednesday. The
September 2014 contract settled Thursday at $86.20, down $1.01, or 1.16
percent.
 TECHNICALS
 NYMEX crude 10-day/20-day moving average: $69.97/$69.50
 Technical support/resistance:
 NYMEX crude: $71.82/$74.51
 NYMEX heating oil: $1.8981/$1.9466
 NYMEX RBOB: $2.0219/$2.0855
 For a full report on technicals, click on [ID:nLK005750]
 MARKET NEWS
 * OPEC seaborne oil exports, excluding Angola and Ecuador, will be flat at
22.59 million barrels per day in the four weeks to Sept. 5, said Roy Mason, an
analyst at UK consultancy Oil Movements. [ID:nWLA1585]
 * The number of U.S. workers filing new claims for jobless benefits
unexpectedly rose last week and the number of people collecting long-term
unemployment benefits edged up, raising worries of an anemic recovery.
[ID:nN20510281]
 * Factory activity in the U.S. Mid-Atlantic region turned positive in
August, breaking a 10-month contraction, as new orders increased, a Fed survey
showed. [ID:nN20516471]
 * The Conference Board's index gauging the U.S. economy's prospects rose
for a fourth straight month in July, indicating the recession was leveling out.
[ID:nN20513774]
 * Hurricane Bill weakened and was on a northwest ocean track that will take
it between Bermuda and the East Coast, the National Hurricane Center said. Bill
did not threaten U.S. oil facilities. [ID:nN20522839]
 (Reporting by Gene Ramos and Robert Gibbons; Editing by Christian Wiessner)





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