NYMEX-Crude bounces up on Saudi cuts, cold weather

NEW YORK, Jan 13 (Reuters) - U.S. crude oil futures rallied
on Tuesday as Saudi Arabia confirmed it planned to produce less
than its OPEC target, Qatar said OPEC would cut output again in
March and cold temperatures and improved crack spreads helped
boost refined products.

Crude futures bounced from an early low near $36 a barrel
as concerns about demand curbed by a slowed economy persisted
and as analysts expected Wednesday's U.S. government inventory
data to show that crude and refined product supplies rose last
week. [EIA/S]

PRICES

* On the New York Mercantile Exchange at 10:20 a.m. EST
(1520 GMT), February crude CLG9 was up $1.30, or 3.46
percent, at $38.89 per barrel, trading from $36.10 to $39.50.

The spread between front-month February and the March
contract widened to more than $6.

* In London, February Brent LCOG9 crude rose $2.25, or
5.24 percent, to $45.16 a barrel, trading from $41.84 to
$45.59. The February contract expires on Thursday.

* NYMEX February heating oil HOG9 rose 6.98 cents, or
4.74 percent, to $1.5422 a gallon, trading from $1.4534 to
$1.5520.

* NYMEX February RBOB RBG9 rose 7.83 cents, or 7.22
percent, to $1.1624 per gallon, trading from $1.0691 to
$1.1764, well above resistance charted at $1.1156.

* The Feb/Feb RBOB crack spread <0#RB-CL=R> was at $9.88.
It ended at $7.94 on Monday. The Feb/Feb heating oil crack
spread <0#CL-HO=R> was at $25.70, after ending at $24.25 on
Monday.

* The spread between the current front month and the
five-year forward crude contract CLc61 was at $34.15, based
on Monday's February 2014 contract settlement at $73.04. The
spread ended Monday at $35.45.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $42.70/$40.86

Technical support/resistance: NYMEX crude: $35.13/$39.92

NYMEX heating oil: $1.40/$1.60

NYMEX RBOB: $1.0594/1.1156

For a report on technicals, click [ID:nLD178222]

MARKET NEWS

* Saudi Arabia has removed 1.7 million barrels per day of
oil from the world market since last summer, Saudi Arabian Oil
Minister Ali al-Naimi said on Tuesday. [ID:nLD426976]

* Saudi Arabia plans to cut more than its OPEC target in
February and is prepared to cut more, if needed, Oil Minister
Ali al-Naimi said on Tuesday. [ID:nLD251825]

* U.S. Northeast temperatures expected to be below normal
in the six-to-10-day forecast from private forecaster DTN
Meteorlogix. [ID:nDTN777]

* The U.S. trade deficit shrank 28.7 percent in November,
the biggest contraction in 12 years, a U.S. Commerce Department
report showed on Tuesday. [ID:nN12143661]

* Russia started pumping natural gas to Europe through
Ukraine Tuesday. The European Union said little or no gas was
flowing to countries suffering urgent shortages.
[ID:nLD708539]

* Expectations for a dismal earnings season, from U.S.
banks to Asian industry giants, battered global shares on
Tuesday. [MKTS/GLOB]
(Reporting by Robert Gibbons; Editing by Walter Bagley)