June 25, 2009 / 2:27 PM / 10 years ago

NYMEX-Crude up on attack on Nigeria pipeline

 * Nigerian militants claim attack on pipeline
 * U.S. jobless claims post unexpected rise last week
 NEW YORK, June 25 (Reuters) - U.S. crude oil futures rose on Wednesday as another attack on Nigeria’s infrastructure offset the dampening effect of news that jobless claims rose last week.
 “Even though the geopolitical component is considerably less influential than last year, Nigeria’s MEND (Movement for the Emancipation of the Niger Delta) rebels have escalated their activities recently and are certainly a supportive influence,” Mike Fitzpatrick, vice president at MF Global in New York, said in a research note.
 Nigeria’s main militant group said its fighters sabotaged an oil pipeline junction point on Thursday, the latest in a string of attacks. [ID:nLP466226]
 Attacks have forced foreign oil companies, including Chevron (CVX.N) and Italy’s Agip (ENI.MI), to shut at least 133,000 barrels per day of oil production in the past month.
 The number of U.S. workers filing new claims for jobless benefits unexpectedly rose last week and the number staying on the rolls after collecting an initial week of aid also edged higher, government data showed on Thursday. [ID:nN25258015]
 The U.S. economy shrank slightly less in the first quarter than previously thought, the government reported, though activity was weak and demand was soft. [ID:nN25258161]
 Gross domestic product fell at a 5.5 percent annual rate in the first quarter.
 The U.S. dollar rose against major currencies when the jobless claims data lessened risk appetite and as investors continued to digest the Federal Reserve’s statement released a day earlier. [USD/]
 PRICES
 * On the New York Mercantile Exchange, at 10:11 a.m EDT (1411 GMT), August crude CLQ9 was up 84 cents, or 1.22 percent, at $69.51 a barrel, trading from $68.11 to $69.75.
 * In London, August Brent crude LCOQ9 rose 81 cents, or 1.19 percent, to $69.14 a barrel, trading from $68.05 to $69.49.
 * NYMEX July RBOB RBN9 rose 4.10 cents, or 2.23 percent, to $1.8835 a gallon, trading from $1.84 to $1.8875.
 * NYMEX July heating oil HON9 rose 3.81 cents, or 2.19 percent, to $1.7762 a gallon, trading from $1.7336 to $1.7838.
 * July products contracts expire next Tuesday.
 * The August/August RBOB crack spread <0#RB-CL=R> was at $9.81, after ending at $9.03 on Wednesday. The August/August heating oil crack spread <0#CL-HO=R> was at $7.09, after ending at $6.20 on Wednesday.
 * The spread between the current front month and the five-year forward crude contract CLc61 was at $14.33, based on the August 2014 contract Wednesday settlement at $83.84. The spread ended on Wednesday at $15.17.
 TECHNICALS
 NYMEX crude 10-day/20-day moving average: $69.90/$69.39
 Technical support/resistance:
 NYMEX crude: $66.75/$69.40
 NYMEX heating oil: $1.6856/$1.7694
 NYMEX RBOB: $1.82/$1.87
 For a report on technicals click [ID:nLP004404]
 MARKET NEWS
 * Japan has concluded a basic agreement with the United Arab Emirates to start receiving oil from Abu Dhabi National Oil Co to help stock up its oil reserves. The joint project with ADNOC is expected to start this fall. [ID:nLP908289]
 * The U.S. Energy Information Administration said Wednesday that crude supplies fell 3.8 million barrels last week. Gasoline supplies rose 3.9 million barrels and distillate supplies rose 2.1 million barrels. [EIA/S]  (Reporting by Robert Gibbons; editing by Jim Marshall)   

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