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Funds News

NYMEX-Crude ends slightly up on mixed jobs data

 * Equities up, dollar down versus currencies basket
 * Mixed employment picture turns traders cautious
 NEW YORK, Sept 4 (Reuters) - U.S. crude oil futures ended
slightly higher on Friday, in a cautious response to economic
data which showed that while unemployment soared to a 26-year
high in August, there were fewer jobs lost than expected in the
month.
 "Today's oil price response to the long awaited employment
data was muted by the fact that the jobless report provided a
mixed bag of information that failed to provide much insight
into future economic or oil demand trends," said Jim
Ritterbusch, president of Ritterbusch & Associates, in Galena,
Illinois.
 "However, a significant stock market advance combined with
a weakening dollar managed to bring some buying interest back
into the front of the crude curve," he added.
 U.S. employers cut 216,000 jobs in August, which was fewer
than expected, but the unemployment rate rose to a 26-year high
of 9.7 percent, the government said on Friday. [ID:nN04159609]
 In late trading, the dollar was lower against a basket of
currencies. Earlier, major currencies see-sawed due to the
mixed payrolls and unemployment report, with light trading
ahead of the three-day Labor Day holiday adding to volatility.
 U.S. equities rose as investors focused on the bright side
of the mixed report. [.N]
 Oil traders, meanwhile, were gearing up for the
Organization of the Petroleum Exporting Countries' meeting on
Sept. 9 in Vienna.
 High inventories and the risk of a price slide will trouble
OPEC ministers, but oil at close to $70 a barrel is expected to
convince the group to hold output steady. [ID:nL4653661]
 NYMEX floor trading will be closed Monday to mark Labor
Day.
 PRICES
 * On the New York Mercantile Exchange, October crude CLV9
settled up 6 cents, or 0.09 percent, at $68.02 a barrel,
trading from $67.12 to $68.78.
 * From a week ago, October crude fell $4.72, or 6.49 pct.
 * In London, October Brent crude LCOV9 ended down 30
cents, or 0.45 percent, at $66.82 a barrel, trading from $65.96
to $67.67.
 * NYMEX October RBOB RBV9 ended down 1.65 cents, or 0.92
percent, at $1.7763 a gallon, trading from $1.7447 to $1.8036.
 * NYMEX October heating oil HOV9 finished 1.45 cents
lower, or 0.84 percent, at $1.7205 a gallon, trading from
$1.7018 to $1.7450.
 * The October/October RBOB crack spread <0#RB-CL=R> ended
at $6.58, dropping from $7.34 on Thursday. The October/October
heating oil crack spread <0#CL-HO=R> ended at $4.24, down from
$4.91 on Thursday.
 * The spread between the current front month and the
five-year forward crude contract CLc61 was at $13.34,
narrowing from $13.72 on Thursday. The October 2014 contract
settled on Friday at $81.36, down 32 cents, or 0.39 percent.
 TECHNICALS
 NYMEX crude 10-day/20-day moving average: $70.56/$70.43
 Technical support/resistance:
 NYMEX crude: $66.65/$71.00
 NYMEX heating oil: $1.7050-$1.7885
 NYMEX RBOB: $1.7595/$1.8430
 For a full report on technicals, click on [ID:nL4459637]
 MARKET NEWS
 * The U.S. National Hurricane Center said the remnants of
Tropical Depression Erika, located south of Puerto Rico, was
unlikely to develop, while a tropical wave in the far eastern
Atlantic Ocean had a medium chance of becoming a tropical
cyclone in the next 48 hours. [ID:nN04181547]
 * Hovensa LLC said an export halt ended at its St. Croix
refinery after the U.S. Coast Guard reopened all U.S. Virgin
Islands shut by Tropical Storm Erika. [ID:nN04160095]
 * BP Plc BP.L is shutting an ultracracker unit at its
Texas City, Texas, refinery for maintenance. [ID:nN04159305]
 * Saudi Arabia plans to keep crude oil supplies steady in
October to major firms with global refining systems, an
industry source said. [ID:nL4497330]
 * An index of future U.S. economic growth rose in the
latest week, while its yearly growth rate surged to a 38-year
high that suggests the recovery is on track, according to the
Economic Cycle Research Institute. [ID:nNYS005385]
 (Reporting by Gene Ramos and Robert Gibbons; Editing by David
Gregorio)


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