NYMEX-Crude at 5-wk low as home sales, supply weigh

Thu Sep 24, 2009 12:43pm EDT

 * Wall Street dips on August existing home sales data
 * Dollar up as central banks cut back emergency loans
 NEW YORK, Sept 24 (Reuters) - U.S. crude oil futures fell
to their lowest level in five weeks on Thursday as weak home
sales suggested a slow economic recovery and added to demand
worries following a government report on Wednesday of a
surprise large increase in oil supply.
 Heating oil futures slid to an eight-week low and gasoline
futures posted their lowest quote in 10 weeks.
 "(Oil) broke under $68 and triggered some sell stops," said
Tom Bentz, analyst at BNP Paribas Commodity Futures in New
York.
 U.S. equities fell on the August existing home sales data,
even as new weekly claims for jobless benefits dropped. [.N]
 The dollar rose against the euro after central banks said
they would scale back some emergency lending programs in light
of improved economic conditions. [USD/]
 Wednesday's inventory report from the U.S. Energy
Information Administration showed crude stocks rose 2.8 million
barrels to 335.6 million barrels in the week to Sept. 18,
against a forecast in a Reuters poll for a drawdown. [EIA/S]
 Distillate stocks added 3.0 million barrels, more than
forecast, to 170.8 million barrels, the highest level since the
week to Jan. 14, 1983, the EIA said.
 Gasoline supplies jumped 5.4 million barrels, much more
than forecast, to 213.1 million barrels.
 The EIA said on Thursday natural gas storage rose 67
billion cubic feet last week, just below the forecast for a 68
bcf build in a Reuters poll of analysts. [ID:nEIA000826]
 PRICES
 * On the New York Mercantile Exchange at 12:10 p.m. EDT
(1610 GMT), front-month November crude CLX9 was down $3.41,
or 4.94 percent, at $65.56 a barrel. It ranged from $68.77 to a
intraday low of $65.79, the weakest since $65.23 on Aug. 17.
 * In London, November Brent crude LCOX9 was down $2.39,
or 3.52 percent, at $65.60 a barrel, trading from $64.97 to
$67.98.
 * NYMEX October RBOB RBV9 was down 6.89 cents, or 4.04
percent, at $1.6360 a gallon, trading from $1.62, lowest since
$1.6010 on July 13, to an intraday high of $1.70.
 * NYMEX October heating oil HOV9 was down 5.77 cents, or
3.28 percent, at $1.7017 a gallon, trading from $1.6866, lowest
since $1.6601 on July 30, to an intraday high of $1.7574.
 * The November/November RBOB crack spread <0#RB-CL=R> was
at $3.80, after ending at $3.32 on Wednesday. The
November/November heating oil crack spread <0#CL-HO=R> was at
$7.17, after ending at $6.23 on Wednesday.
 * The spread between the current front month and the
five-year forward crude contract CLc61 was at $17.20, based
on the November 2014 contract Wednesday settlement at $82.76.
The spread ended Wednesday at $13.79.
 MARKET NEWS
 * OPEC seaborne oil exports, excluding Angola and Ecuador,
will rise by 160,000 barrels per day in the four weeks to Oct.
10, analyst Roy Mason at UK consultancy Oil Movements, said.
[ID:nLO206643]
* U.S. Labor Department said new claims for unemployment
benefits unexpectedly fell 21,000 to a seasonally adjusted
530,000 last week.
 * National Association of Realtors said sales of previously
owned homes fell 2.7 percent in August to an annual rate of
5.10 million units in August from 5.24 million units in July.
 * Japan's crude imports fell more than 10 percent in August
from a year earlier, the lowest for August since 1989.
[ID:nT19559]
 * U.S. copper futures tumbled to a five-week low after the
existing home sales data. [ID:nN24402957]
 * Nigeria's foreign minister said a government amnesty in
the Niger Delta was working, noting oil output was set to rise
as a cease-fire holds. [ID:nN23424136]
 (Reporting by Gene Ramos and Robert Gibbons; Editing by Walter
Bagley)


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