RTRS: NYMEX-Crude dips, seesaws ahead of supply data
NEW YORK, Sept 30 (Reuters) - U.S. crude oil futures
slipped in seesaw trading on Wednesday ahead of government
inventory data and with end-of-quarter trading and October
refined products contract expirations also factors.
Wall Street and crude futures fell back on news the
Institute for Supply Management-Chicago business barometer fell
to 46.1 in September from 50.0 in August. [ID:nN3095624]
Earlier, a weaker dollar and manufacturing data from China
and Japan were cited by sources as helping send crude up near
$68 a barrel.
The dollar fell against most major currencies. [USD/]
Oil markets were being cautious after the American
Petroleum Institute said late on Tuesday that U.S. commercial
crude oil inventories rose a more-than-expected 2.8 million
barrels last week. [ID:nN29168935]
Distillate stocks rose 2.3 million barrels, while gasoline
supplies fell 1.7 million barrels.
The U.S. Energy Information Administration will release its
oil inventory data at 10:30 a.m. EDT (1430 GMT).
A Reuters survey of analysts yielded a forecast for crude
supplies to be up a modest 600,000 barrels, with distillate
supplies expected to be up 1.2 million barrels and gasoline up
1.0 million barrels. [EIA/S]
Also in focus on Wednesday is the expiration of NYMEX
October refined products contracts.
PRICES
* On the New York Mercantile Exchange, at 10:03 a.m EDT
(1403 GMT), November crude CLX9 was down 11 cents, or 0.15
percent, at $66.61 a barrel, trading from $66.22 to $67.99.
* In London, November Brent crude LCOX9 was down 16
cents, or 0.24 percent, to $65.33 a barrel, trading from $65.00
to $66.67.
* NYMEX October RBOB RBV9 rose 0.48 cents, or 0.29
percent, to $1.6329 a gallon, trading from $1.6301 to $1.6650.
* NYMEX October heating oil HOV9 fell 0.86 cent, or 0.51
percent, to $1.6920 a gallon, trading from $1.6861 to $1.7227.
* The November/November RBOB crack spread <0#RB-CL=R> was
at $2.45, after ending at $2.22 on Tuesday. The
November/November heating oil crack spread <0#CL-HO=R> was at
$5.62, after ending at $5.81 on Tuesday.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $15.09, based
on the November 2014 contract Tuesday settlement at $81.70. The
spread ended Tuesday at $14.99.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $68.76/$69.38
Technical support/resistance:
NYMEX crude: $65.05/$68.45
NYMEX heating oil: $1.6495/$1.7790
NYMEX RBOB: $1.5740/$1.7050
For a full report on technicals, click on [ID:nLU120709]
MARKET NEWS
* The U.S. economy contracted at a slower pace than
previously thought in the second quarter, but there was a
decline in private payrolls in September. [ID:nN30198553]
* Chinese factories ramped up output and jobs in September
to meet increased orders, though HSBC's China Purchasing
Managers' Index eased in August. [ID:nPEK60937]
* Japanese industrial output rose in August but the pace of
increase slowed for the fourth straight month and manufacturers
expect a further slowdown in September. [ID:nT351414]
* China's crude oil stocks climbed in August versus July,
to stand at a new record high, an industry newsletter reported
on Wednesday. [ID:nPEK75903]
* Iran said on Wednesday it viewed talks with six world
powers an "opportunity and a test", while the United States
weighed sanctions.