NYMEX-Crude ends down on small EIA stock build
* EIA: crude stocks up a bit, against draw forecast
* Durable goods rose more than expected in July
NEW YORK, Aug 26 (Reuters) - U.S. crude oil futures ended down but well above session lows on Wednesday after government data showed crude oil inventories rose far less last week than what an industry report showed on Tuesday.
"The (EIA) numbers were not as negative as the API numbers were. So the market bounced," said Tom Bentz, analyst at BNP Paribas Commodity Futures Inc, in New York.
Heating oil and gasoline futures ended slightly lower.
In the early going, crude futures fell sharply, to below $71, in part due to the American Petroleum Institute's crude data released on Tuesday.
Pressure also came from Wall Street's lackluster reaction to reports on U.S. durable goods orders and new home sales in July.
Distillate stocks, which include heating oil and diesel fuel, rose above forecasts and weekly demand dropped while gasoline supplies dropped more than expected, though weekly demand also fell, the U.S. Energy Information Administration data showed.
In late trading, Wall Street's major indexes .DJI.SPX.IXIC were mixed. The dollar rose as investors sought shelter in the safe-haven greenback. [USD/]
PRICES
* On the New York Mercantile Exchange, October crude CLV9 settled 62 cents lower, or 0.86 percent, at $71.43 a barrel, trading from $70.67 to $72.64.
* In London, October Brent crude LCOV9 settled down 17 cents, or 0.24 percent, at $71.65 a barrel, trading from $70.60 to $72.48.
* NYMEX September RBOB RBU9 ended down 2.44 cents, or 1.22 percent, at $1.9826 a gallon, trading from $1.9730 to $2.0224.
* NYMEX September heating oil HOU9 finished 0.39 cent lower at $1.8520 a gallon, trading from $1.8168 to $1.8697.
* The October/October RBOB crack spread <0#RB-CL=R> ended at $6.14, down from $6.59 on Tuesday. The October/October heating oil crack spread <0#CL-HO=R> ended at $7.33, rising from $6.89 on Tuesday.
* The spread between the current front month and the five-year forward crude contract CLc61 ended at $13.99 widening from $13.64 on Tuesday. The October 2014 contract settled Wednesday at $85.42, down 27 cents, or 0.32 percent.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $72.93/$73.08
Technical support/resistance:
NYMEX crude: $70.00/75.00
NYMEX heating oil: $1.8000/$1.9000
NYMEX RBOB: $2.0000/$2.0893
For a full report on technicals, click on [ID:nLQ56471]
MARKET NEWS
* The EIA said that for the week to Aug. 21, crude stocks rose 200,000 barrels, to 343.8 million barrels. The forecast in a Reuters poll was for a 1.1-million-barrel drawdown. [EIA/S]
* Crude stocks at the Cushing, Oklahoma, NYMEX delivery hub fell by 1.5 million barrels, to 31.8 million barrels.
* Gasoline stocks fell 1.7 million barrels, to 208.1 million barrels, above the forecast for a 1.0-million-barrel decline.
* Distillate stocks rose by 800,000 barrels, to 162.4 million barrels. The forecast was for a 300,000-barrel build.
* The API said that crude stocks shot up 4.3 million barrels to 346.7 million barrels, gasoline stocks fell 1.8 million barrels, to 209.7 million barrels, and distillate stocks fell to 160.9 million barrels, down 146,000 barrels.
* The National Hurricane Center said Tropical Storm Danny formed on Wednesday east of the Bahamas. Forecast tracks showed Danny remaining to the east of the United States and away from Gulf Coast oil and gas production. [ID:nN26264406] (Reporting by Gene Ramos; Editing by Christian Wiessner)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.


Follow Reuters