NYMEX-Crude ends up, seesaws on demand woes. Iran

Fri Sep 25, 2009 4:10pm EDT

 * Equities fall on recovery doubts, dollar down on G20
 * U.S. consumer sentiment up, durable goods orders off
 * U.S. accuses Iran of covert nuclear activity
 NEW YORK, Sept 25 (Reuters) - U.S. crude futures ended with
modest gains in seesaw trading on Friday, supported by fresh
tensions over Iran's nuclear program while demand worries amid
high stockpiles and a set of mixed economic data weighed on
sentiment.
 New orders for long-lasting U.S. manufactured goods dipped
in August and sales of new homes edged up but came in below
expectations, according to government data that fueled worries
that recovery from recession would be tepid. [ID:nN25497919]
 The reports from the Commerce Department overshadowed a
rise in the consumer confidence index this month to its highest
since January last year. For more see [ID:nN25390248].
 U.S. President Barack Obama accused Iran of building a
secret nuclear fuel plant for several years and demanded that
Tehran comply with international rules on nuclear
nonproliferation. [ID:nLP84413]
 Accusations that a second uranium enrichment plant under
construction was clandestine are "not true," a senior Iranian
official told Reuters at the United Nations. [ID:nN25496604]
 Iranian President Mahmoud Ahmadinejad later said in New
York that the site was "not a secret." [ID:nN25511827]
 "I think the risk of geopolitical supply (oil price) shock
is muted somewhat by OPEC spare capacity being higher and U.S.
commercial inventories being at a high level. But that being
said, if you have a situation that affects the supply chain,
all bets are off," said Rachel Ziemba, lead energy analyst at
RGE Monitor in New York.
 U.S. stocks fell due to the durable goods and homes sales
data, which raised questions about the economic recovery. [.N]
 Government oil inventory data this week showed crude and
oil products inventories rose sharply last week. [EIA/S]
 "Crude oil is currently in the $65-$75 range and traders
are looking at whether prices would move below the 200-day
moving average, at which point it could go to the low $60s. As
it stands, we have no active hurricane season and there's a lot
of oil around, with weak global demand," said Rich Ilcyzyszyn,
senior market strategist at Lind-Waldock in Chicago.
 PRICES
 * On the New York Mercantile Exchange, November crude
CLX9 settled up 13 cents, or 0.2  percent, at $66.02 a
barrel, trading a high of $67.09 down to $65.05, the lowest
since July 31's intraday high of $64.96.
 * For the week, NYMEX front-month crude was down $6.02, or
8.36 percent.
 * In London, November Brent crude LCOX9 ended up 29
cents, or 0.45 percent, at $65.11 a barrel, trading from $64.08
to $65.85.
 * NYMEX October RBOB RBV9 ended down 1.61 cents, or 0.98
percent, at $1.6205 a gallon, trading from $1.6030 to $1.6477.
 * NYMEX October heating oil HOV9 ended down 0.43 cent, or
0.26 percent, at $1.6771 a gallon, trading from $1.6585 to
$1.7077.
 * The November/November RBOB crack spread <0#RB-CL=R> ended
at $2.69, sliding from $3.38 on Thursday. The November/November
heating oil crack spread <0#CL-HO=R> ended at $5.65, down from
$5.96 on Thursday.
 * The spread between the current front month and the
five-year forward crude contract CLc61 was at $14.98, based
on the November 2014 contract Thursday settlement at $80.99.
The spread ended Thursday at $15.10.
 TECHNICALS
 NYMEX crude 10-day/20-day moving average: $69.93/$69.89
 Technical support/resistance:
 NYMEX crude: $64.50/$68.00
 NYMEX heating oil: $1.65/$1.75
 NYMEX RBOB: $1.6010/$1.70
 For a full report on technicals, click on [ID:nLP464089]
 MARKET NEWS
 * Tesoro Corp (TSO.N) said other units at its 100,000 bpd
Los Angeles refinery in Wilmington, California, were running at
reduced rates after a coker unit fire Friday
morning.[ID:nN25510333]
 * Goldman Sachs (GS.N) said global oil demand was
recovering more quickly than it previously estimated and raised
its demand forecast. [ID:nLP428439]
 (Reporting by Gene Ramos and Robert Gibbons; Editing by
Christian Wiessner)






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