RPT-NYMEX-Crude ends up, above $74 on OPEC view, dollar

Tue Oct 13, 2009 3:56pm EDT

 (Repeats, deletes CORRECTED from headline)
 * Dollar hits 2009 low against currency basket, euro
 * OPEC sees stronger world oil demand next year
 * Heating oil up on demand forecast, cooler temperatures
 NEW YORK, Oct 13 (Reuters) - U.S. crude oil futures ended
higher for the fourth straight day on Tuesday, as a brighter
demand forecast from OPEC and a weakened dollar supported the
market.
 The front-month November contract, which hit a seven-week
high, now faces resistance at $75 a barrel, the year's intraday
peak hit on Aug. 25, traders said.
 Heating oil futures also ended up for the fourth day in a
row, climbing to a seven-week peak amid cooler temperatures and
a forecast for higher heating oil demand this week.
 "A declining dollar is certainly supportive, but with
temperatures falling into the 30s in New York, by the weekend,
it is understandable why heating oil is the leader today," Mike
Fitzpatrick, vice president at MF Global in New York, said in a
note.
 Gasoline futures ended higher for a second day running,
helped by news of a fire at Total Petrochemical's (TOTF.PA)
refinery in Port Arthur, Texas, which the company said had been
put out by midday. [ID:nN13526569]
 The U.S. dollar touched a 14-month low against a basket of
currencies as investors refocused on the outlook for U.S.
interest rates. The euro rose to its highest level against the
dollar since late August 2008. [USD/]
 U.S. equities were mixed on the heels of a six-day streak
of gains, after Johnson & Johnson's (JNJ.N) third-quarter sales
disappointed investors and stirred doubts about the strength of
the latest earnings season. [.N]
 PRICES
 * On the New York Mercantile Exchange, November crude
CLX9 settled  up 88 cents, or 1.2 percent, $74.15 a barrel,
the highest settlement since Aug. 24's $74.37.
 * NYMEX November crude traded from $72.83 to $74.47, the
highest since front-month crude hit the year's high of $75 on
Aug. 25, which was the highest intraday price since $75.69 was
reached on Oct. 21, 2008.
 * NYMEX November crude oil options expire on Thursday.
 * In London, November Brent crude LCOX9 ended up $1.04,
or 1.46 percent, at $72.40 a barrel, the highest close since
Aug. 28's $72.79. It traded from $70.84 to $72.83, the   
highest since intraday peak of $72.95 hit on Aug. 31.
 * NYMEX November RBOB RBX9 settled up 3.28 cents, or 1.82
percent, at $1.8318 a gallon, the highest close since Sept.
18's $1.8324. It traded from $1.7922 to $1.8332, the highest
since Aug. 21's $1.8365.
 * NYMEX November heating oil HOX9 ended up 2.90 cents, or
1.53 percent, at $1.9234 a gallon, the highest close since Aug.
10's $1.9276. It traded from $1.8877 to $1.9296, the highest
intraday since Aug. 24's $1.9382.
 * The November/November RBOB crack spread <0#RB-CL=R> ended
at $2.79, rising from $2.29 on Monday. The November/November
heating oil crack spread <0#CL-HO=R> ended at $6.63, gaining
from $6.29 on Monday.
 * The spread between the current front month and the
five-year forward crude contract CLc61 ended at $14.09,
narrowing from $14.62 on Monday. The November  2014 contract
settled Tuesday at $88.24, up 72 cents, or 0.82 percent.
 TECHNICALS
 NYMEX crude 10-day/20-day moving average: $70.57/$70.13
 Technical support/resistance:
 NYMEX crude: $72.05/$75.00
 NYMEX heating oil: $1.80/$1.92
 NYMEX RBOB: $1.7439/$1.80
 For a full report on technicals, click on [ID:nLC628652]
 MARKET NEWS
 * World demand for OPEC's oil will be stronger than
expected next year, the producer group said on Tuesday. OPEC's
view follows higher demand forecasts from the International
Energy Agency and U.S. Energy Information Administration.
[ID:nLD634327]
 * U.S. total heating demand will be higher than normal this
week, the National Weather Service said. Demand for heating oil
was forecast to be 43 percent above normal. [ID:nN12134969]
 (Reporting by Gene Ramos and Robert Gibbons; Editing by David
Gregorio)


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