NYMEX-Crude rises on dollar slip, Wall St. bounce

Tue Feb 9, 2010 10:21am EST

 * Dollar weaker as Greece rescue talk lifts euro
 * U.S. stocks open higher on Greece talk, analyst views
 NEW YORK, Feb 9 (Reuters) - U.S. crude oil futures rose on
Tuesday, lifted by the dollar's slip against the euro as Wall
Street bounced on the same talk of help for Greece that was
bolstering the euro.
 Cold weather boosted heating oil futures and market sources
also eyed geopolitical turmoil in Nigeria and Iran, as well as
anticipating the week's oil inventory reports.
 "Crude and product futures pushed higher on moderate
overnight volume as the dollar lost ground and U.S. index
futures are trading to the upside," Addison Armstrong, analyst
at Tradition Energy in Stamford, Connecticut, said in a note.
 The euro rose against the U.S. dollar, boosted by
speculation about a bailout of debt-laden Greece. [USD/]
 Rescue talk emerged after European Central Bank and Reserve
Bank of Australia officials said ECB President Jean-Claude
Trichet was cutting short a trip to Australia to attend a Feb.
11 European Council meeting. [ID:nSGE61801C]
 U.S. stocks opened higher on the Greece talk. [.N]
 PRICES
 * On the New York Mercantile Exchange at 10:08 a.m. EST
(1508 GMT), March crude CLH0 was up 80 cents, or 1.11
percent, at $72.69 a barrel, trading from $73.04 to $71.32.
 * Friday's $69.50 intraday low was the lowest price for
front-month crude since the Dec. 15 $69.31 low. Monday's finish
above front-month crude's 200-day moving average ($70.61,
according to Reuters data) was seen as supportive.
 * In London, March Brent crude LCOH0 rose 89 cents, or
1.27 percent, to $71 a barrel, trading from $69.61 to $71.30.
 * NYMEX March RBOB RBH0 rose 1.41 cents, or 0.74 percent,
to $1.9081 a gallon, trading from $1.8827 to $1.9198.
 * NYMEX March heating oil HOH0 rose 2.19 cents, or 1.16
percent, to $1.9074 a gallon, trading from $1.8747 to $1.9184.
 * The March/March heating oil crack spread <0#CL-HO=R> was
at $7.57, after ending at $7.30 on Monday. The March/March RBOB
crack spread <0#RB-CL=R> was at $7.44, after ending at $7.66 on
Monday.
 * The spread between the current front month and the
five-year forward crude contract CLc61 was at $12.31, based
on the March 2015 contract Monday settlement at $85.00. The
spread ended Monday at $13.11.
 TECHNICALS
 NYMEX crude 10-day/20-day moving average: $73.71/$75.61
 Technical support/resistance:
 NYMEX crude: $70.10/$73.10
 NYMEX heating oil: $1.8435/$1.9105
 NYMEX RBOB: $1.8570/$1.9275
 For a full report on technicals, click on [ID:nLDE61818C]
 MARKET NEWS
 * A Reuters poll on Monday forecast crude stocks rose 1.2
million barrels last week. Distillate stocks were expected to
be down and gasoline supplies higher. [EIA/S]
 * U.S. Northeast temperatures were forecast to average
normal to below normal in the six-to-10-day outlook from
private forecaster Telvent DTN. [ID:nDTN631]
 * Crude oil stored at sea fell to 25.64 million barrels at
the end of January from 40.85 million barrels at the end of
December, ship broker SSY said. [ID:DE6180XX]
 * The oil products stored at sea fell to 80.22 million
barrels from 89.41 million barrels estimated in January, broker
ICAP Shipping said. [ID:nLDE618125]
 * Total inventories of crude and oil products in 16
European countries rose by 1.1 percent in January from December
and were up year-on-year, Euroilstock said. [ID:nLDE6181HY]
 * Russia on Tuesday said it was disappointed by Iran's
decision to make higher-grade nuclear fuel and warned the move
raised questions about the Islamic Republic's sincerity in
talks over its nuclear program. [ID:nLDE6181UV]
 * TAKE A LOOK-Turmoil in Nigeria, click on [ID:nLDE60I2AM]
 (Reporting by Robert Gibbons; Editing by Walter Bagley)


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