NEW YORK, Oct 8 (Reuters) - U.S. crude oil futures seesawed
near unchanged after being lifted earlier by the dollar's
weakness after oil slumped on Wednesday due to rising gasoline
inventories that tempered enthusiasm that the economic recovery
will increase energy consumption.
Gold hit a fresh record high as the dollar struggled, while
emerging market stocks climbed to their highest level this
year. European shares were around 1 percent higher, little
changed by the Bank of England and European Central Bank both
keeping interest rates steady. [MKTS/GLOB]
The euro extended gains versus the dollar on disappointment
that European Central Bank President Jean-Claude Trichet didn't
make a more forceful statement about the need for a strong U.S.
currency. [USD/]
But later the euro gave up some of those gains, helping
take crude futures lower, sources said.
Earlier, crude and products futures "rose in moderate
overnight volume despite a bearish weekly inventory report from
the DOE as the dollar weakened and global equities moved
higher," Addison Armstrong, analyst at Tradition Energy in
Stamford, Connecticut, said in a note.
Crude futures slumped on Wednesday as RBOB gasoline futures
fell after U.S. Energy Information Administration data showed
gasoline supplies rose more than expected last week. [EIA/S]
The oil futures complex was pressured despite the data
showing crude stocks fell, against a forecast for an increase.
Distillate supplies rose slightly more than expected.
The EIA will release natural gas storage data on Thursday
at 10:30 a.m. EDT (1430 GMT). A Reuters survey of analysts
yielded a forecast for supply to be up 62 billion cubic feet.
PRICES
* On the New York Mercantile Exchange, at 10:01 a.m. EDT
(1401 GMT), November crude CLX9 was down 6 cents, or 0.09
percent, at $69.51 a barrel, trading from $69.17 to $70.58.
* In London, November Brent crude LCOX9 was up 26 cents,
or 0.39 percent, to $67.46 a barrel, trading from $67.07 to
$68.24.
* NYMEX November RBOB RBX9 edged up 0.71 cents, or 0.41
percent to $1.7274 a gallon, trading from $1.7141 to $1.7449.
* NYMEX November heating oil HOX9 was down only 0.47
cent, or 0.26 percent, to $1.7764 a gallon, trading from
$1.7701 to $1.8048.
* The November/November RBOB crack spread <0#RB-CL=R> was
at $3.04, after ending at $2.68 on Wednesday. The
November/November heating oil crack spread <0#CL-HO=R> was at
$5.14, after ending at $5.23 on Wednesday.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $13.79, based
on the November 2014 contract Wednesday settlement at $83.30.
The spread ended Wednesday at $13.73.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $69.20/$69.71
Technical support/resistance:
NYMEX crude: $68.80/$71.30
NYMEX heating oil: $1.75/$1.85
NYMEX RBOB: $1.68/$1.79
For a full report on technicals, click on [ID:nL8307340]
MARKET NEWS
* The number of U.S. workers filing new claims for jobless
insurance fell more than expected to a nine-month low last
week. The number of people collecting long-term unemployment
benefits also fell. [ID:nN08515146]
* Tropical Depression Henri in the western Atlantic, should
soon dissipate, the U.S. National Hurricane Center predicted
Thursday. [ID:nN08509728]
* U.S. stocks rose at the open on after a surprise profit
from Alcoa Inc (AA.N) boosted the start of the earnings season.
