December 8, 2009 / 6:29 PM / 10 years ago

NYMEX-Crude slips on dollar rise, demand concerns

 NEW YORK, Dec 8 (Reuters) - U.S. crude futures fell on
Tuesday, pressured by the stronger dollar and concerns about
the strength of economic recovery.
 The U.S. Energy Information Administration's monthly
short-term outlook revised lower its forecast for increased
demand in 2010 and its forecast for OPEC and non-OPEC
production was higher.
 "People were looking for U.S. oil demand to be higher and
so, with the cut in the EIA forecast and a smaller increase
overall, that's a little disappointing," Mark Waggoner,
president, Excel Futures, Huntington Beach, California.
 The euro fell against the dollar, weighed by concerns about
Greece's fiscal health after Fitch downgraded the country's
credit rating. [USD/]
 U.S. stocks fell after a disappointing outlook from 3M Co
and a second consecutive month of domestic sales declines at
McDonald's Corp. [.N]
 U.S. oil inventories remain above year-ago levels and the
demand rebound as the economy tries to recover has so far been
tepid. Crude oil inventories were expected to have risen by
500,000 barrels last week, according to a Reuters survey of
analysts on Monday. [EIA/S]
 Gasoline supplies were expected to be up, while distillate
supplies were seen dipping slightly.
 Products found some support from a refinery snag reported
at Motiva's Port Arthur, Texas refinery. [ID:nN08208463]
 Front month crude fell the previous four sessions, losing
$4.44, or 4.7 percent.
 PRICES
 * On the New York Mercantile Exchange at 1:17 p.m. EST
(1817 GMT), January crude CLF0 was down 91 cents, or 1.23
percent, at $73.02 a barrel, trading from $72.51 to $74.39. The
$72.51 intraday low was weakest since prices dropped to $72.39
on Nov. 27.
 * In London, January Brent crude LCOF0 fell 83 cents, or
1.09 percent, to $75.60 a barrel, trading from $75.20 to
$77.02.
 * NYMEX January RBOB RBF0 was down 1.09 cents, or 0.54
percent, to $1.9998 a gallon, trading from $1.9119 to $2.0248.
 * NYMEX January heating oil HOF0 fell 0.44 cents, or 0.53
percent, at $1.9990 a gallon, trading $1.9802 to $2.0248.
 * The January/January RBOB crack spread <0#RB-CL=R> was at
$8.34, after ending at $7.58 on Monday. The January/January
heating oil crack spread <0#CL-HO=R> was at $11.02, after
ending at $10.48 on Monday.
 * The spread between the current front month and the
five-year forward crude contract CLc61 was at $20.87, based
on the January 2015 contract Monday settlement at $93.89. The
spread ended Monday at $19.96.
 TECHNICALS
 NYMEX crude 10-day/20-day moving average: $76.23/$77.17
 Technical support/resistance:
 NYMEX crude: $73.00/$79.00
 NYMEX heating oil: $1.99/$2.0640
 NYMEX RBOB: $1.9333/$2.0170
 For a full report on technicals, click on [ID:nGEE5B714V]
 MARKET NEWS
 * The EIA raised its forecast for OPEC 2010 crude oil to
29.59 million bpd from its prior estimate of 29.44 million bpd.
[ID:nN08206885]
 * The price of West Texas Intermediate crude oil should
average $76 per barrel from October 2009 through March 2010,
the EIA said. [ID:nN08438098]
 * China's November passenger cars sales jumped 98.23
percent from a year ago, official data showed. [ID:nSHA128037]
 * Fog halted vessel traffic on the Houston Ship Channel on
Tuesday. [ID:nN08347584]
 (Reporting by Robert Gibbons; Editing by David Gregorio)


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