NYMEX-Crude ends up as China demand supports

Wed Nov 11, 2009 4:27pm EST

 * China crude Oct imports up sharply versus year ago
 * Dollar bounces after sliding to 15-month low
 NEW YORK, Nov 11 (Reuters) - U.S. crude futures ended slightly higher
on Wednesday, supported by data showing increased industrial activity and
healthy crude imports in China while a bounce by the dollar limited oil's
advance.
 "Little change as the market looked for the next directional cue.
Probably needs something fresh of considerable fundamental import to breach
either side of current range," said Mike Fitzpatrick, vice president at MF
Global in New York.
 China's October crude oil imports rose 19.7 percent from a year earlier
to 19.34 million tonnes, or 4.55 million barrels per day, preliminary
Customs data showed. [ID:nPEK22093]
 The dollar bounced off a 15-month low against major currencies in a
technical rebound after selling pressure failed to push the U.S. currency
through key levels. [USD/]
 Also helping limit oil's upside was the inventory report from the
American Petroleum Institute on Tuesday showing crude stocks rose more than
forecast last week and products stocks increased unexpectedly. [API/S]
 The U.S. Energy Information Administration's oil inventory report was
delayed until Thursday at 11:00 a.m. EST (1600 GMT) due to Wednesday's
federal Veterans Day holiday.
 A Reuters analyst survey on Tuesday yielded a forecast for crude
supplies to be up 600,000 barrels, with gasoline stocks unchanged and
distillate stocks down 700,000 barrels. [EIA/S]
 The International Energy Agency's monthly oil market report also is set
to arrive on Thursday.
 PRICES
 * On the New York Mercantile Exchange, December crude CLZ9 rose 23
cents, or 0.29 percent, to settle at $79.28 a barrel, trading from $78.57
to $80.10.
 * In London, December Brent crude LCOZ9 rose 45 cents to settle at
$77.95 a barrel, trading from $77.07 to $78.62. The December Brent contract
expires on Friday.
 * NYMEX December RBOB RBZ9 rose 1.53 cents, or 0.77 percent, to
settle at $1.9927 a gallon, trading from $1.9664 to $2.0108.
 * NYMEX December heating oil HOZ9 rose 0.35 cent, or 0.17 percent, to
settle at $2.0558 a gallon, trading from $2.0372 to $2.0796.
 * The December/December RBOB crack spread <0#RB-CL=R> ended at $4.41,
after ending at $4.00 on Tuesday. The December/December heating oil crack
spread <0#CL-HO=R> ended at $7.06, after ending at $7.15 on Tuesday.
 * The spread between the current front month and the five-year forward
crude contract CLc61 ended at $12.96, based on the December 2014 contract
Wednesday settlement at $92.24, up 80 cents on the day. The spread ended
Tuesday at $12.39.
 TECHNICALS
 NYMEX crude 10-day/20-day moving average: $79.00/$79.18
 Technical support/resistance:
 NYMEX crude: $77.92/$82.00
 NYMEX heating oil: $2.0090/$2.0956
 NYMEX RBOB: $1.9346/$2.0202
 For a full report on technicals, click on [ID:nLB182515]
 MARKET NEWS
 * Oil companies continued to restore Gulf of Mexico output shut by
Tropical Storm Ida, the U.S. Minerals Management Service said on Wednesday.
[ID:nN11377134]
 * OPEC raised its 2010 demand growth forecast, said compliance with
targets slipped to 60 percent in October and that demand may not return to
precrisis levels. [ID:nLB201308]
 * Oil product in floating storage has risen to 90.3 million barrels,
according to ship brokers ICAP. ICAP anticipates 6.5 million barrels more
added before end of 2009. [ID:nLB165344]
 (Reporting by Robert Gibbons; Editing by John Picinich)


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