NYMEX-Crude ends down on small EIA stock build

Wed Aug 26, 2009 3:21pm EDT

 * 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)






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