NYMEX-Crude ends up on weak dollar after EIA data

Wed Nov 25, 2009 4:07pm EST

 * 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))
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.