NYMEX-Crude up on cold, dollar, geopolitical worry

Mon Feb 8, 2010 12:10pm EST

 * Heating oil demand seen above normal this week-NWS
 * More international pressure for sanctions on Iran
 NEW YORK, Feb 8 (Reuters) - U.S. crude futures rose on
Monday as cold weather, a weaker dollar and geopolitical
disputes helped lift oil after a string of three straight
losing sessions.
 "The market is following what is going on in Iran and
Nigeria and the cold weather is helping lend support along with
the weaker dollar," said Dan Flynn, analyst at PFGBest Research
in Chicago.
 U.S. heating demand this week is expected to be 11.5
percent above normal, the National Weather Service said on
Monday. Heating oil demand was expected to average 7.6 percent
above normal, the NWS said. [ID:nN08188220]
 Wall Street equities markets turned positive after opening
lower. The Dow industrials bounced as energy shares rose and
the Nasdaq and the S&P 500 indexes climbed as investors snapped
up shares beaten down in the recent sell-off. [.N]
 The euro steadied against the dollar on Monday as a slight
recovery in investors' appetite for risk offset worries about
the fiscal health of some euro zone countries. The dollar was
weaker against a basket of currencies. [USD/]
 PRICES
 * On the New York Mercantile Exchange at 11:59 a.m. EST
(1659 GMT), March crude CLH0 was up 76 cents, or 1.07
percent, at $71.95 a barrel, trading from $70.77 to $72.39.
 * Friday's session low of $69.50 was the weakest since the
Dec. 15 intraday low of $69.31.
 * In London, March Brent crude LCOH0 rose 61 cents, or
0.88 percent, to $70.20 a barrel, trading from $69.21 to
$70.82.
 * NYMEX March RBOB RBH0 rose 1.12 cents, or 0.59 percent,
to $1.8976 a gallon, trading from $1.87 to $1.9114.
 * NYMEX March heating oil HOH0 rose 1.71 cents, or 0.891
percent, to $1.8919 a gallon, trading from $1.8650 to $1.9036.
 * The March/March heating oil crack spread <0#CL-HO=R> was
at $7.54, after ending at $7.55 on Friday. The March/March RBOB
crack spread <0#RB-CL=R> was at $7.86, after ending at $8.04 on
Friday.
 * The spread between the current front month and the
five-year forward crude contract CLc61 was at $12.68, based
on the March 2015 contract Friday settlement at $84.63. The
spread ended Friday at $13.44.
 TECHNICALS
 NYMEX crude 10-day/20-day moving average: $73.99/$76.14
 Technical support/resistance:
 NYMEX crude: $70.00/$73.10
 NYMEX heating oil: $1.83/$1.94
 NYMEX RBOB: $1.8124/$1.96
 For a full report on technicals, click on [ID:nLDE61715L]
 MARKET NEWS
 * Unseasonably cold weather will settle over the Midwest
and Northeast this week, forecasters said. [ID:nN04177188]
 * International pressure for new sanctions against Iran
grew on Monday after Tehran announced more moves to expand
nuclear fuel production and enrichment plants. [ID:nLDE61705I]
 * A Nigerian militant group said on Sunday it had attacked
a Royal Dutch Shell (RDSa.L) oil pipeline in the Niger Delta
but Shell said it had no reports of sabotage. [ID:nLDE6160A5]
 * For a list of U.S. refinery issues, click on [REF/US]
 * Daily volume for crude oil contracts traded on the NYMEX
hit a record on Friday. [ID:nN08194918]
 (Reporting by Robert Gibbons; Editing by David Gregorio)


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