NYMEX-Crude ends down on dollar bounce, storm fade

Tue Nov 10, 2009 4:04pm EST

 * 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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