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Funds News

NYMEX-Crude rises on strong GDP data, weak dollar

 NEW YORK, Oct 29 (Reuters) - U.S. crude oil futures rose
more than $1 a barrel on Thursday after data showing the U.S.
economy grew in the third quarter for the first time in a
year.
 "Crude futures are firmly to the upside after government
data showed U.S. GDP in the third quarter rose 3.5 percent,
beating expectations," Addison Armstrong, analyst at Tradition
Energy in Stamford, Connecticut, said in a note.
 The Commerce Department, in its first estimate of
third-quarter gross domestic product, said the economy grew at
a 3.5 percent annual rate, the fastest pace since the third
quarter of 2007. [ID:nN28314202]
 The dollar weakened against the euro on after the GDP data
reduced the greenbacks safe-haven appeal and sent investors
elsewhere in search of better returns. [USD/]
 The number of U.S. workers filing new jobless benefits
claims dipped last week. The number collecting long-term aid
fell to the lowest reading in seven months. [ID:nN29353570]
 "These numbers were in line with our estimates. There has
been concern recently that assets might have moved up too fast.
That we're in recovery but that the pace might be sluggish,"
said Rachel Ziemba, lead energy analyst at RGE Monitor in New
York.
 Crude oil futures slumped on Wednesday after government oil
inventory data showed an unexpected rise in gasoline stockpiles
last week. [EIA/S]
 PRICES
 * On the New York Mercantile Exchange at 10:06 a.m. EDT
(1406 GMT), December crude CLZ9 was up $1.66, or 2.14
percent, at $79.12 a barrel, trading from $77.03 to $79.17.
 * In London, December Brent crude LCOZ9 rose $1.24, or
1.63 percent, to $77.10 a barrel, trading from $75.57 to
$77.23.
 * NYMEX November RBOB RBX9 rose 0.99 cent, or 0.5 percent
to $1.9963 a gallon, trading from $1.9728 to $2.0009.
 * NYMEX November heating oil HOX9 rose 3.30 cents, or
1.65 percent, to $2.0299 a gallon, trading from $1.9910 to
$2.0330.
 * NYMEX November refined products contracts expire on
Friday.
 * The December/December RBOB crack spread <0#RB-CL=R> was
at $5.34, after ending at $5.78 on Wednesday. The
December/December heating oil crack spread <0#CL-HO=R> was at
$7.56, after ending at $7.43 on Wednesday.
 * The spread between the current front month and the
five-year forward crude contract CLc61 was at $10.53, based
on the December 2014 contract Wednesday settlement at $89.65.
The spread ended Wednesday at $12.19.
 TECHNICALS
 NYMEX crude 10-day/20-day moving average: $79.38/$75.91
 Technical support/resistance:
 NYMEX crude: $75.00/$80.00
 NYMEX heating oil: $1.9588/$2.10
 NYMEX RBOB: $1.95/$2.10
 MARKET NEWS
 * U.S. Energy Information Administration natural gas
storage data is set for release on Thursday at 10:30 a.m. EDT
(1530 GMT). A Reuters survey of analysts supplies to have risen
31 billion cubic feet last week.
 * U.S. stocks rose, with technology shares lifting the
Nasdaq up more than 1 percent, after a data showed the economy
grew faster than expected in the third-quarter. [.N]
 * Iran has presented its response on a U.N.-drafted nuclear
fuel deal to the International Atomic Energy Agency.
[ID:nLT296935]
 (Reporting by Robert Gibbons; Editing by Marguerita Choy)


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