* Storm Ida shuts 29.6 pct of Gulf of Mexico oil output
* Dollar slumps broadly after G20 meeting
NEW YORK, Nov 9 (Reuters) - U.S. crude oil futures ended 2.6
percent higher on Monday, lifted by the weak dollar and on shut-in
oil and natural gas production as Tropical Storm Ida approached the
Gulf Coast.
"Crude is up on the weak dollar and the impact of Tropical Storm
Ida, overshadowing some bearish news of the Saudi's raising supplies
available and China raising fuel prices," said Phil Flynn, analyst
at PFGBest Research in Chicago.
Tropical Storm Ida has shut 29.6 percent of oil production and
27.5 percent of gas output from the Gulf of Mexico, the U.S.
Minerals Management Service said Monday. [ID:nN09518842]
Ida weakened to a tropical storm and was forecast to hit the
U.S. Gulf Coast early on Tuesday between Louisiana and Florida.
[ID:nN09245045]
For a FACTBOX on Ida's effect on Gulf of Mexico and Gulf Coast
oil and natural gas infrastructure click [ID:nN09212389]
The dollar fell to a 15-month low against a basket of major
currencies and the euro rose above $1.50 after the Group of 20
pledged to keep emergency stimulus spending in place until a global
recovery is assured. [USD/]
U.S. equities jumped, pushing the Dow industrials to their
highest level in more than a year, on the G20 meeting. The S&P 500
also rose sharply. [.N]
Data showing the unemployment rate jumped above 10 percent
helped push crude oil futures down 3 percent on Friday.
PRICES
* On the New York Mercantile Exchange, December crude CLZ9
rose $2, or 2.58 percent, to settle at $79.43 a barrel, trading from
$77.77 to $80.19.
* In London, December Brent crude LCOZ9 rose $1.90 to settle
at $77.77 a barrel, trading from $76.26 to $78.52.
* NYMEX December RBOB RBZ9 rose 5.75 cents, or 2.99 percent,
to settle at $1.9818 a gallon, trading from $1.9273 to $2.0080.
* NYMEX December heating oil HOZ9 rose 5.92 cents, or 2.95
percent, to settle at $2.0627 a gallon, trading from $2.0107 to
$2.0775.
* The December/December RBOB crack spread <0#RB-CL=R> ended at
$3.81, after ending at $3.39 on Friday. The December/December
heating oil crack spread <0#CL-HO=R> ended at $7.20, after ending at
$6.72 on Friday.
* The spread between the current front month and the five-year
forward crude contract CLc61 was at $12.51, based on the December
2014 contract Monday settlement at $91.94, up $1.67 on the day. The
spread ended Friday at $12.84.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $78.82/$78.70
Technical support/resistance:
NYMEX crude: $76.56/$80.00
NYMEX heating oil: $1.9999/$2.10
NYMEX RBOB: $1.9306/$2.00
For a full report on technicals, click on [ID:nL9042121]
MARKET NEWS
* A Reuters analyst survey on Monday yielded a forecast for
crude supplies to have risen 400,000 barrels last week, with
gasoline stocks unchanged and distillate supplies down 300,000
barrels. [EIA/S]
* The American Petroleum Institute will release weekly inventory
data on Tuesday at 4:30 p.m. EST (21:30 GMT). U.S. Energy
Information Administration data will be released on Thursday at
11:00 a.m. EST (1600 GMT) due to the U.S. Veteran's day holiday on
Wednesday.
* Saudi Arabia has increased supply to oil firms with global
systems, while one Asian customer expected to receive full
contracted volume for the first time in a year, industry sources
said on Monday. [ID:nT217458]
* China will lift gasoline and diesel prices by around 7 percent
on Monday. [ID:nPEK221762]
(Reporting by Robert Gibbons; Editing by Marguerita Choy)
