NYMEX-Crude up on dollar's slide, China imports

Wed Nov 11, 2009 3:21pm GMT
[-] Text [+]
 * Dollar slides to 15-month low against major currencies
 * LOOP oil offloading not seen up until Thursday after Ida
 NEW YORK, Nov 11 (Reuters) - U.S. crude futures rose Wednesday on the
dollar's weakness and data showing China continued to import crude at a
rapid rate in October.
 The dollar fell to a 15-month low against major currencies, hurt by
downbeat official views on the U.S. economy and bullish economic data from
China that bolstered risk appetite. [USD/]
 Limiting crude's upside move was the late Tuesday oil inventory report
from the American Petroleum Institute showing crude stocks rose more than
expected last week and that products inventories also rose. [API/S]
 "We will continue to emphasize the difficulty in nearby crude futures
in maintaining value above the $80 mark despite the bullish vibes ... from
the equity and currency markets," Jim Ritterbusch, president at Ritterbusch
& Associates, said in a note.
 Ritterbusch said the recent "sideways price pattern" indicates "bearish
fundamentals are at work in restricting upside price progress."
 The U.S. Energy Information Administration's oil inventory report has
been delayed until Thursday at 11:00 a.m. EST (1600 GMT) due to Wednesday's
federal Veterans Day holiday.
 A Reuters survey on Tuesday yielded a forecast for crude supplies to be
up 600,000 barrels, with gasoline stocks unchanged and distillate stocks
down 700,000 barrels. [EIA/S]
 PRICES
 * On the New York Mercantile Exchange at 10:08 a.m. EST (1508 GMT),
December crude CLZ9 was up 74 cents, or 0.94 percent, at $79.79 a barrel,
trading from $78.60 to $80.07.
 * In London, December Brent crude LCOZ9 rose 81 cents, or 1.05
percent, to $78.31 a barrel, trading from $77.07 to $78.59. The December
Brent contract expires on Friday.
 * NYMEX December RBOB RBZ9 rose 2.41 cents, or 1.22 percent, to
$2.0015 a gallon, trading from $1.9664 to $2.0072.
 * NYMEX December heating oil HOZ9 rose 1.94 cents, or 0.95 percent,
to $2.0717 a gallon, trading from $2.0425 to $2.0784.
 * The December/December RBOB crack spread <0#RB-CL=R> was at $4.30,
after ending at $4.00 on Tuesday. The December/December heating oil crack
spread <0#CL-HO=R> was at $7.22, after ending at $7.15 on Tuesday.
 * The spread between the current front month and the five-year forward
crude contract CLc61 was at $11.65, based on the December 2014 contract
Tuesday settlement at $91.44. The spread ended Tuesday at $12.39.
 TECHNICALS
 NYMEX crude 10-day/20-day moving average: $79.00/$79.18
 Technical support/resistance:
 NYMEX crude: $77.92/$82.00
 NYMEX heating oil: $2.0090/$2.0956
 NYMEX RBOB: $1.9346/$2.0202
 For a full report on technicals, click on [ID:nLB182515]
 MARKET NEWS
 * China's October crude oil imports rose 19.7 percent from a year
earlier to 19.34 million tonnes, or 4.55 million barrels per day,
preliminary Customs data showed. [ID:nPEK22093]
 * OPEC raised its 2010 world demand growth forecast to 750,000 bpd,
said compliance with supply curbs slipped to 60 percent in October and that
oil demand may not return to precrisis levels. [ID:nLB201308]
 * Gold hit record highs near $1,120 an ounce on as the dollar index
.DXY fell to 15-month lows. [ID:nLB394090]
 * Oil product in floating storage has risen to 90.3 million barrels,
according to ship brokers ICAP. ICAP anticipates 6.5 million barrels more
added before end of 2009. [ID:nLB165344]
 * The Louisiana Offshore Oil Port remained shut on Wednesday after
shutting for Tropical Storm Ida, but should resume normal operations
Thursday. [ID:nN11363920]
 (Reporting by Robert Gibbons; Editing by John Picinich)


 
 
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