NYMEX-Crude ends down on dollar bounce, storm fade
* Dollar stronger after recent battering
* Tropical Storm Ida goes ashore, downgraded
NEW YORK, Nov 10 (Reuters) - U.S. crude futures ended lower on Tuesday, retreating from an early high above $80 a barrel on the fading threat from tropical weather in the Gulf of Mexico and the dollar's bounce.
"Crude pulled back from its highs because the dollar bounced a bit and there was no sizzle after the Ida fizzle," said Andrew Lebow, broker at MF Global in New York.
The dollar bounced off a 15-month low on Tuesday and the euro dipped below $1.50 as investors paused to assess whether the global outlook justifies a recent rally in higher-yielding currencies and assets. [USD/]
Companies began restoring Gulf of Mexico operations after Tropical Storm Ida went ashore and was downgraded to a tropical depression. But the U.S. Minerals Management Service said more than 43 percent of oil output and nearly 28 percent of natural gas output remained shut on Tuesday. [ID:nN10528777]
For a FACTBOX on Tropical Storm Ida's impact on energy operations click on [ID:nN10308574].
The American Petroleum Institute will release inventory data on Tuesday at 4:30 p.m. EST (21:30 GMT). U.S. Energy Information Administration data will be delayed to Thursday at 11:00 a.m. EST (1600 GMT) due to a holiday.
An expanded Reuters survey on Tuesday yielded a forecast for crude supplies to have risen 600,000 barrels last week, with gasoline stocks unchanged and distillate inventories down 700,000 barrels. [EIA/S]
PRICES
* On the New York Mercantile Exchange, December crude CLZ9 fell 38 cents, or 0.48 percent, to settle at $79.05 a barrel, trading from $77.89 to $80.51.
* In London, December Brent crude LCOZ9 fell 27 cents to settle at $77.50 a barrel, trading from $76.36 to $78.92. The December Brent contract expires on Friday.
* NYMEX December RBOB RBZ9 fell 0.44 cent, or 0.22 percent to settle at $1.9774 a gallon, trading from $1.9480 to $2.0174.
* NYMEX December heating oil HOZ9 fell 1.04 cents, or 0.5 percent, to settle at $2.0523 a gallon, trading from $2.0295 to $2.0905.
* The December/December RBOB crack spread <0#RB-CL=R> ended at $4.00, after ending at $3.81 on Monday. The December/December heating oil crack spread <0#CL-HO=R> ended at $7.15, after ending at $7.20 on Monday.
* The spread between the current front-month crude contract and the five-year forward contract CLc61 ended at $12.39, based on the December 2014 contract Tuesday settlement at $91.44, down 50 cents on the day. The spread ended Monday at $12.51.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $78.81/$78.97
Technical support/resistance:
NYMEX crude: $76.50/$82.00
NYMEX heating oil: $2.06/$2.1289
NYMEX RBOB: $1.9818/$2.09
For a full report on technicals, click on [ID:nLA644313]
MARKET NEWS
* U.S. retail gasoline demand last week rose 2.2 percent from a year ago in the week to Nov. 6, but was down 2.3 percent against the prior week, according to a MasterCard SpendingPulse report. [ID:nNYS007520]
* The EIA raised its expectation for 2010 world oil demand but lowered its expectation for U.S. demand. [ID:nN10320501]
* Oil products supplies in 16 European countries fell in October as refiners cut back production, allowing crude oil inventories to jump, Euroilstock said. [ID:nLA671649] (Reporting by Robert Gibbons)
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