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NYMEX-Crude choppy, slips on dollar, inventories
February 7, 2011 / 2:20 PM / 7 years ago

NYMEX-Crude choppy, slips on dollar, inventories

 * Iran says no need for OPEC to meet even if oil at $120
 * Dollar strength helps curb U.S. oil prices
 * Coming up: API oil data, 4:30 p.m. EST Tuesday
 NEW YORK, Feb 7 (Reuters) - U.S. crude oil futures prices fell in
choppy trading on Monday, slipping as the dollar strengthened and on recent
inventory builds in the United States, even as the uncertainty about unrest
in Egypt kept Brent crude prices near $100 a barrel.
 Any supply disruption resulting from the unrest in Egypt was seen
having a more immediate consequence in Europe, helping Brent crude stay
 U.S. crude prices were pressured as recent U.S. oil inventory builds
[EIA/S] and a tepid rise in U.S. nonfarm payrolls in January reported on
Friday helped keep crude prices below $90 a barrel.
 The euro/dollar broke below support at the 100-day simple moving
average of $1.3532 in early New York trade. The euro was already under
pressure after a weak reading of German industrial orders. [USD/]
 The dollar index .DXY, measuring the greenback against a basket of
currencies, was stronger.
 * On the New York Mercantile Exchange, March crude CLH1 fell 48
cents, or 0.5 percent, to $88.55 a barrel at 9:01 a.m. EST (1401 GMT),
trading from $88.22 to $89.54.
 * U.S. heating demand this week is expected to be 14.1 percent above
normal, the National Weather Service said. Demand for heating oil this week
will average 7.5 percent above normal, while heating demand for natural gas
will average 14.9 percent above normal, the NWS said. [ID:nSGE71606Q]
 * Egyptian President Hosni Mubarak's new cabinet holds its first full
meeting since an uprising started nearly two weeks ago, with no concrete
progress in talks with Islamists and an opposition who demand his immediate
exit. [ID:nLDE7150K3]
 * Saboteurs blew up a pipeline that runs through Egypt's North Sinai,
state television said, disrupting flows to Israel and Jordan, after
Islamists called on militants to exploit the unrest that has rocked the
government. [ID:nLDE7140BS]
 * German industrial orders fell more than forecast in December on weak
demand for capital goods from slowing economies outside the euro zone,
economy ministry data showed. [ID:nLDE7160ZR]
 * Iran's oil minister said on Sunday there would be no need for an
emergency OPEC meeting even if oil prices hit $120 per barrel, the
semi-official Mehr news agency reported. [ID:nMOS637004]
 * Global oil prices could exceed $110 a barrel if political unrest in
Egypt continues, a member of Kuwait's Supreme Petroleum Council said on
Sunday. [ID:nLDE71505M]
 * Iran showed off new missile and satellite technology, and told its
enemies it had "complete domination" of the entrance to the oil-rich Gulf.
 * U.S. stock index futures rose on growing hopes Europe will sort out
its tangled debt issues and as metals prices advanced on bets of a stronger
global economy. In addition, news of mergers and acquisitions indicated
attractive stock valuations. [.N]
 * Copper hit a new record on concerns about supply, especially from top
producer Chile, and a stream of positive economic data recently boosted the
outlook for industrial metals demand. Tin also hit a record on worries of
supply constraints from top exporter Indonesia. [MET/L]
 * World stocks were up and hovered near 29-month highs on optimism over
global economic recovery. The euro dropped to a two-month low on a
bigger-than-expected drop in German industrial orders. [MKTS/GLOB] [FRX/]
 * Gold rose as it built on last week's gains and some Asian demand
emerged as the Lunar New Year holiday approached its end. [GOL/]
 * Conference Board releases its employment trend index for January at
10 a.m. EST (1500 GMT). December's index read 99.3.
 * American Petroleum Institute oil inventory data at 4:30 p.m. EST
(2130 GMT) on Tuesday.
9:03     LAST     NET    PCT     LOW    HIGH  CURRENT  DAY AGO
              CHNG   CHNG                      VOL      VOL
CLc1    88.55   -0.48  -0.5%   88.22   89.54   57,279  290,494
CLc2    91.65   -0.20  -0.2%   91.35   92.42   35,235  127,187
LCOc1  100.01    0.19   0.2%   99.76  100.90   59,043  173,531
RBc1   2.4394  0.0039   0.2%  2.4353  2.4717    4,445   46,393
RBc2   2.5888  0.0046   0.2%  2.5828  2.6161    3,411   24,862
HOc1   2.7174  0.0007   0.0%  2.7093  2.7389    4,168   52,808
HOc2   2.7189  0.0008   0.0%  2.7104  2.7404    3,409   28,087
 * NYMEX crude oil for March CLc1 fell 48 cents to $88.55 a barrel by
9:03 a.m. in volume of 57,279 lots.
 (Reporting by Robert Gibbons; Editing by John Picinich)

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