NYMEX-Crude pares gains post-settle on API build

NEW YORK, Dec 1 (Reuters) - U.S. crude futures pared gains
in post-settlement trading on Tuesday after industry data
showed that domestic crude stocks rose much more than expected
last week.

Heating oil futures trimmed gains as the data from the
American Petroleum Institute showed that distillate stocks --
which include heating oil and diesel fuel -- rose, against the
forecast that supplies fell.

Gasoline futures' gains shrank as the API data showed
stocks increased much more than forecast.

The API said that in the week to Nov. 27, crude stocks rose
2.9 million barrels, dwarfing the forecast in a Reuters poll
for a 400,000 barrel increase.

Distillate stocks rose 1.1 million barrels, defying the
forecast that supplies fell 300,000 barrels.

Gasoline stocks jumped 3.4 million barrels against the
forecast for just a 1.0 million barrel increase.

Earlier, crude futures settled higher as the dollar
weakened further and worries about Dubai's debt faded.

Oil markets also got a lift from forecasts of stronger
growth in China and economic data raising more hopes for a U.S.
economic recovery.

"The API data showing domestic crude and refined products
were up last week should not be a surprise as they reflect weak
demand, which I think has softened further last month," said
Phil Flynn, analyst at PFGBest Research in Chicago.

"At this point, the U.S. is amply supplied with petroleum
products. Temperatures continue to be warm, and should we get
some real cold weather we have enough heating oil supplies," he
added.

The U.S. Energy Information Administration will issue its
own data on Wednesday, at 10:30 a.m. EST (1530 GMT).

On Wall Street, the Dow Jones Industrials Average [.DJI]
climbed to its highest close in 14 months as the weak dollar
lifted natural resource share prices and economic data
reinforced hopes for a sustainable economic recovery.

For a full report on the day's home sales and manufacturing
data, see [ID:nN01398224]

A pair of business surveys said China's economy is ending
the year on a strong note. [ID:nGEE5B002Q]

PRICES

* On the New York Mercantile Exchange at 5 p.m. EST (2200
GMT), January crude CLF0 was up 55 cents, or 0.71 percent, at
$77.83 a barrel. It earlier settled up $1.09, or 1.41 percent,
at $78.37, trading from $77.01 to $79.04.

* In London, January Brent crude LCOF0 was up 39 cents,
or 0.5 percent, at $78.86 a barrel. It had settled up 88 cents,
or 1.12 percent, at $79.35, trading from $78.25 to $79.91.

* NYMEX January RBOB RBF0 was up 1.30 cents, or 0.65
percent, at $2.0245 a gallon. It had settled up 3.08 cents, or
1.53 percent, at $2.0423, trading from $2.01 to $2.0615.

* NYMEX January heating oil HOF0 was up 1.41 cents, or
0.69 percent, at $2.0620 a gallon. It had settled up 3.01
cents, or 1.47 percent, at $2.0780, trading $2.0435 to
$2.0968.

* The January/January RBOB crack spread <0#RB-CL=R> ended
at $7.41, up from $7.20 on Monday. The January/January heating
oil crack spread <0#CL-HO=R> ended at $8.91, rising from $8.73
on Monday.

* The spread between the current front month and the
five-year forward crude contract CLc61 ended at $16.45,
contracting from $17.13 on Monday. The January 2015 contract
settled Tuesday at $94.82, up 41 cents, or 0.43 percent.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $77.30/$77.98

Technical support/resistance:

NYMEX crude: $75.80/$80.00

NYMEX heating oil: $1.9605/$2.0905

NYMEX RBOB: $1.9425/$2.0615

For a full report on technicals, click on [ID:nGEE5B01AI]

MARKET NEWS

* U.S. retail gasoline demand last week rose 3.1 percent
from the previous week as Thanksgiving holiday traffic raised
demand, a MasterCard SpendingPulse report showed.
[ID:nNYS007581]

* Serious measures against five detained British yachtsmen
will be taken if it proves they had "evil intentions," an aide
to Iranian President Mahmoud Ahmadinejad said. [ID:nDAH128784]

* OPEC is unlikely to raise the producer group's oil output
ceiling when it meets this month, Iranian Oil Minister Massoud
Mirkazemi said. [ID:nDAH119829]
(Reporting by Gene Ramos and Robert Gibbons)
((gene.ramos@thomsonreuters.com; + 1 646 223 6054; Reuters
Messaging: gene.ramos.reuters.com@reuters.net)
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