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RTRS: NYMEX-Crude seesaws on mixed data after big surge
 
NEW YORK, Oct 1 (Reuters) - U.S. crude futures see-sawed on either side
of unchanged in very choppy trading Thursday amid mixed economic data after
crude jumped almost 6 percent on Wednesday as refined products futures
surged on a slide in gasoline inventories.
Sources said the stronger dollar and disappointing jobs claims data had
pressured oil, while the uncertainty about Iran's nuclear program talks
with the West and improved consumer spending data were supportive factors.
The dollar was up against the euro and yen after data showed U.S.
initial jobless claims rose in the latest week, prompting safe-haven bids
for the greenback, but the dollar fluctuated after a weak Wall Street open.
[USD/]
Iranian chief nuclear negotiator Saeed Jalili told EU foreign policy
chief Javier Solana that Tehran would not give up its "certain rights,"
state broadcaster IRIB reported. [ID:nL1608750]
A strong refined products rally helped lead the oil futures complex
higher on Wednesday after the U.S. Energy Information Administration data
showed gasoline supplies unexpectedly falling last week. [EIA/S]
The jump by crude oil came despite a larger-than-forecast rise in
inventories. Distillate supplies also rose.
The EIA will release natural gas storage data at 10;30 a.m. EDT (1430
GMT) Thursday. A Reuters survey forecast supplies to be up 61 billion cubic
feet.
PRICES
* On the New York Mercantile Exchange at 10:06 a.m EDT (1406 GMT),
November crude CLX9 was down 25 cents, or 0.35 percent, at $70.36 a
barrel, trading from $71.39 to $69.61.
* In London, November Brent crude LCOX9 was down 22 cents, or 0.32
percent, at $68.85 a barrel, trading from $68.14 to $69.79.
* NYMEX November RBOB RBX9 was up 0.20 cent, or 0.11 percent, at
$1.7536 a gallon, trading from $1.7312 to $1.7824.
* NYMEX October RBOB RBV9 went off the board on Wednesday at $1.7259
a gallon, up 9.78 cents on the day.
* NYMEX November heating oil HOX9 fell 0.69 cent, or 0.38 percent, to
$1.8255 a gallon, trading from $1.8033 to $1.8496.
* NYMEX October heating oil HOV9 expired at $1.7960 a gallon, up 9.54
cents on its final day of trading.
* The November/November RBOB crack spread <0#RB-CL=R> was at $3.27,
after ending at $2.96 on Wednesday. The November/November heating oil crack
spread <0#CL-HO=R> was at $6.30, after ending at $6.26 on Wednesday.
* The spread between the current front month and the five-year forward
crude contract CLc61 was at $13.52, based on the November 2014 contract
Wednesday settlement at $83.88. The spread ended Wednesday at $13.27.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $68.91/$69.68
Technical support/resistance:
NYMEX crude: $70.00/$72.00
NYMEX heating oil: $1.80/$1.85
NYMEX RBOB: $1.75/$1.80
MARKET NEWS
* U.S. consumer spending rose at its fastest pace in nearly 8 years in
August. [ID:nN30226602]
* Pending sales of existing U.S. homes rose sharply in August, a
seventh consecutive month of gains. [ID:nNYS005458]
* U.S. consumer loans delinquencies and credit card delinquencies rose
to record highs in the second quarter, the American Bankers Association
said. [ID:nN30236503]
* OPEC oil supply rose in September for a fifth consecutive month, a
Reuters survey showed. [ID:nL1141184]
* Six world powers held talks with Iran that U.S. officials said would
need to convince them Tehran was prepared to show it was not hiding nuclear
weapons plans. [ID:nLU404202]
(Reporting by Robert Gibbons; Editing by John Picinich)
Source