NYMEX-Crude ends lower on dollar, storm Ida fades

Tue Nov 10, 2009 10:36pm GMT
[-] Text [+]
 * Dollar stronger after recent battering
 * Tropical Storm Ida goes ashore, downgraded
 NEW YORK, Nov 10 (Reuters) - U.S. crude futures ended lower
on Tuesday, retreating from an early high above $80 a barrel on
the fading threat from tropical weather in the Gulf of Mexico
and the dollar's bounce.
 "Crude pulled back from its highs because the dollar
bounced a bit and there was no sizzle after the Ida fizzle,"
said Andrew Lebow, broker at MF Global in New York.
 The dollar bounced off a 15-month low on Tuesday and the
euro dipped below $1.50. [USD/]
 Companies began restoring Gulf of Mexico operations after
Tropical Storm Ida went ashore and was downgraded to a tropical
depression. But the U.S. Minerals Management Service said more
than 43 percent of oil output and nearly 28 percent of natural
gas output remained shut on Tuesday. [ID:nN10528777]
 For a FACTBOX on Tropical Storm Ida's impact on energy
operations click on [ID:nN10308574].
 The American Petroleum Institute released weekly inventory
data late on Tuesday, after the NYMEX settlement, showing crude
stocks up 1.2 million barrels last week. [API/S]
 The API report showed total distillate stocks rose 640,000
barrels, with heating oil inventories up 935,000 barrels.
Gasoline stocks also rose, up 1.4 million barrels.
 The API report said refinery utilization rose 0.1
percentage point higher to 80.6 percent of capacity.  
 U.S. Energy Information Administration data will be delayed
a day to Thursday at 11:00 a.m. EST (1600 GMT) due to a
holiday.
 An expanded Reuters survey on Tuesday yielded a forecast
for crude supplies to have risen 600,000 barrels last week,
with gasoline stocks unchanged and distillate inventories down
700,000 barrels. [EIA/S]
 PRICES
 * On the New York Mercantile Exchange, December crude
CLZ9 fell 38 cents, or 0.48 percent, to settle at $79.05 a
barrel, trading from $77.89 to $80.51. Crude ended Globex
electronic post-settlement trading down 59 cents at $78.84,
little changed by the API data release.
 * In London, December Brent crude LCOZ9 fell 27 cents to
settle at $77.50 a barrel, trading from $76.36 to $78.92. The
December Brent contract expires on Friday.
 * NYMEX December RBOB RBZ9 fell 0.44 cent, or 0.22
percent to settle at $1.9774 a gallon, trading from $1.9480 to
$2.0174.
 * NYMEX December heating oil HOZ9 fell 1.04 cents, or 0.5
percent, to settle at $2.0523 a gallon, trading from $2.0295 to
$2.0905.
 * The December/December RBOB crack spread <0#RB-CL=R> ended
at $4.00, after ending at $3.81 on Monday. The
December/December heating oil crack spread <0#CL-HO=R> ended at
$7.15, after ending at $7.20 on Monday.
 * The spread between the current front-month crude contract
and the five-year forward contract CLc61 ended at $12.39,
based on the December 2014 contract Tuesday settlement at
$91.44, down 50 cents on the day. The spread ended Monday at
$12.51.
 TECHNICALS
 NYMEX crude 10-day/20-day moving average: $78.81/$78.97
 Technical support/resistance:
 NYMEX crude: $76.50/$82.00
 NYMEX heating oil: $2.06/$2.1289
 NYMEX RBOB: $1.9818/$2.09
 For a full report on technicals, click on [ID:nLA644313]
 MARKET NEWS
 * U.S. retail gasoline demand last week rose 2.2 percent
from a year ago in the week to Nov. 6, but was down 2.3 percent
against the prior week, according to a MasterCard SpendingPulse
report. [ID:nNYS007520]
 * The EIA raised its expectation for 2010 world oil demand
but lowered its expectation for U.S. demand. [ID:nN10320501]
 (Reporting by Robert Gibbons; Editing by Marguerita Choy)


 
 
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