NYMEX-Crude ends up on weak dollar after EIA data
* Dollar slides to a 15-month low vs currency basket
* EIA report shows crude stocks rose in line with views
NEW YORK, Nov 25 (Reuters) - U.S. crude oil futures rose on Wednesday, lifted by the weak dollar after a government oil inventory report showed crude stocks rose last week.
Reports showing new home sales rose in October and jobless benefit claims declined last week helped propel equities and oil futures higher even though durable goods orders slipped.
"The renewed and significant dollar weakness is resulting in the associated inflation trade, enabling crude to once again overcome the bearish economic statistics that were highlighted by the poor showing in durable goods orders this morning," said John Kilduff, partner at Round Earth Capital in New York.
The dollar slid to a 15-month low against a basket of currencies as the decline in weekly jobless claims and a rise in personal consumption fed optimism about the economy. [USD/]
The U.S. Energy Information Administration's weekly inventory report showed crude oil stockpiles rose 1.0 million barrels to 337.8 million in the week to Nov. 20. [EIA/S]
Crude oil and product imports were up and the crude supply boost came even as refinery utilization rose.
The EIA report showed distillate stocks fell 500,000 barrels and gasoline supplies rose 1.0 million barrels.
A Reuters analyst survey had yielded a forecast for crude oil inventories to be up 1.2 million barrels. Distillate stocks were expected to be down 100,000 barrels and gasoline supplies up 300,000 barrels.
The American Petroleum Institute's report released late Tuesday showed crude stocks rose 3.3 million barrels. [API/S]
The API report showed distillate supply fell 2.4 million barrels, while gasoline inventories rose 1.7 million barrels.
For an advisory on New York commodities and energy holiday hours click on [ID:nN24514294]
PRICES
* On the New York Mercantile Exchange, January crude CLF0 rose $1.94, or 2.55 percent, to settle at $77.96 a barrel, trading from $75.50 to $78.04.
* In London, January Brent crude LCOF0 rose $1.98 to settle at $78.44 a barrel, trading $76.31 to $78.63.
* NYMEX December RBOB RBZ9 rose 5.86 cents, or 3.02 percent, to settle $1.9976 a gallon, trading from $1.9163 to $2.00.
* NYMEX December heating oil HOZ9 rose 4.04 cents, or 2.07 percent, to settle $1.9901 a gallon, trading from $1.9429 to $2.0016.
* The January/January RBOB crack spread <0#RB-CL=R> ended at $6.93 after ending at $6.29 on Tuesday. The January/January heating oil crack spread <0#CL-HO=R> ended at $7.54, steady to Tuesday.
* The spread between the current front month and the five-year forward crude contract CLc61 ended at $15.49, based on the January 2015 contract Wednesday settlement at $93.45. The spread ended Tuesday at $15.18.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $77.49/$78.24
Technical support/resistance:
NYMEX crude: $75.50/$77.50
NYMEX heating oil: $1.8920/$2.0090
NYMEX RBOB: $1.8595/$2.0060
For a full report on technicals, click on [ID:nGEE5AO1GD]
MARKET NEWS
* New orders for long-lasting U.S. manufactured goods fell unexpectedly in October. [ID:nN25342245]
* U.S. consumer spending and home sales rose more than expected in October, while new claims for jobless benefits fell sharply last week. [ID:nN25346193]
* Nigeria will export an average of 2.01 million bpd of crude oil in January, up from a revised 2.0 million bpd in December and the highest volume since July. [ID:nGEE5AO223] (Reporting by Robert Gibbons and Eileen Moustakis; Editing by David Gregorio) ((robert.gibbons@thomsonreuters.com; + 1 646 223 6059; Reuters Messaging: robert.gibbons.reuters.com@reuters.net))
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.



Follow Reuters