NYMEX-Crude ends higher as product futures support

NEW YORK, Nov 17 (Reuters) - U.S. crude oil futures ended
higher on Tuesday, recovering from earlier losses and as
support from bullish refined product futures proved strong
enough to withstand a late bout of selling.

Energy futures shrugged off the dollar's rebound and were
not affected by a slide in U.S. equities.

"Products have been firmer than crude all day, providing
support. The dollar strength had little more than a tempering
effect on crude all morning," said Tom Bentz, analyst at BNP
Paribas Commodity Futures in New York.

Front month December crude CLZ9 was volatile, as options
on the contract expired at the close. December crude itself
will expire on Friday.

Reuters data had shown bulky open interests at the $80 call
option and the $75 put option.

Traders were also positioning ahead of weekly industry
inventory data, which will be issued by the American Petroleum
Institute at 4:30 p.m. EST (2130 GMT). That will be followed by
data from the U.S. Energy Information Administration due on
Wednesday at 10:30 a.m. EST (1530 GMT).

An expanded Reuters poll of 15 analysts on Tuesday forecast
a 300,000 barrel drawdown in domestic crude stocks in the week
to Nov. 13. A preliminary poll of 8 analysts on Monday had
forecast a 100,000 barrel stock increase.

Heating oil futures settled more than 1 percent higehr,
with the forecast in the Reuters poll calling for a 700,000
barrel drawdown in distillates, which include heaeting oil and
diesel fuel.

Gasoline futures rose as well, helped by a report that
demand for gasoline rose last week. The forecast in the poll
was for gasoline stocks to have been unchanged.

Gasoline demand averaged 9.224 million barrels per day
during the week ending Nov. 13, up 1.4 percent from the
previous week, according to the weekly report from MasterCard
SpendingPulse. [ID:nNYS007545]

The dollar rebounded strongly from a 15-month low after
Federal Reserve Chairman Ben Bernake's rare comments on the
currency on Monday spurred traders to trim long-term bets
against the greenback. [USD/]

Wall Street were little changed as outlooks from some major
retailers sparked caution about holiday spending. [.N]

PRICES

* On the New York Mercantile Exchange, December crude
CLZ9 settled up 24 cents, or 0.3 percent, at $79.14 a
barrel.

* In London, January Brent crude LCOF0 ended up 21 cents,
or 0.27 percent, at $78.97.

* NYMEX December RBOB RBZ9 ended up 1.81 cents, or 0.91
percent, at $2.0049 a gallon.

* NYMEX December heating oil HOZ9 settled up 2.65 cents,
or 1.3 percent, at $2.0585 a gallon.

* The December/December RBOB crack spread <0#RB-CL=R> was
at $5.07, rising from $4.55 on Monday. The December/December
heating oil crack spread <0#CL-HO=R> ended at $7.32, gaining
from $6.44 on Monday.

* The spread between the current front month and the
five-year forward crude contract CLc61 ended at $13.87,
widening from $13.57 on Monday. The December 2014 contract
settled Tuesday at $93.01.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $78.61/$78.97

Technical support/resistance:

NYMEX crude: $76.00/$80.00

NYMEX heating oil: $1.9505/$2.1289

NYMEX RBOB: $1.9868/$2.01

For a full report on technicals, click on [ID:nLH684396]

MARKET NEWS

* Valero Energy Corp (VLO.N) said Tuesday it shut three
modules of a 105,000 bpd coker at its 325,000 bpd Port Arthur,
Texas refinery to repair cracks in the coke
drums.[ID:N17549708]

* Frontier Oil FTO.N said that its 130,000-bpd refinery
in El Dorado, Kansas, will run at 76,000 bpd in November, down
from a previous estimate of 81,500 bpd, due to an extended
turnaround.[ID:N17148771]

* U.S. producer prices rose more slowly than expected in
October, despite a rebound in food and energy costs, the Labor
Department said. [ID:nN17546734]

* U.S. industrial production rose by 0.1 percent in
October, less than expected. [ID:nN17546734]

* Kuwait's oil minister said he expected OPEC to keep
output levels unchanged but push for better compliance at the
group's December meeting. [ID:nLH546367]
(Reporting by Gene Ramos and Robert Gibbons; Editing by David
Gregorio)