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RTRS: NYMEX-Crude lowest in a month amid demand worries
 
NEW YORK, Nov 13 (Reuters) - U.S. crude futures slid below $76 a
barrel Friday morning to their lowest level in nearly a month as demand
worries persisted.
Much earlier, there was a brief rebound above $77 fostered by a weaker
dollar before crude headed south again.
Thursday's government data showing crude and refined product
inventories rose last week continued to stoke demand concerns, analysts
said. For data details, see [EIA/S]
"Although the EIA, IEA and OPEC all slightly raised their forecast for
global oil consumption in this month's reports, the weekly implied demand
numbers coming from the U.S. are not all that encouraging and suggestive
that the economic recovery may be very slow in the U.S. compared to other
parts of the world," said Dominick Chirichella, senior partner at the
Energy Management Institute in New York.
Exxon Mobil Corp (XOM.N) Chief Executive Rex Tillerson said winter
heating demand alone was unlikely to significantly reduce the global fuel
inventory glut. [ID:nSIN56965]
The U.S. dollar fell across the board after data showed the U.S. trade
deficit widened in September by an unexpectedly large 18.2 percent. The
euro extended gains versus the dollar on news that the euro zone economy
had finally pulled out of recession in the third quarter. [USD/]
Wall Street opened with the major indexes rising after solid earnings
from Walt Disney Co and JC Penney Co Inc, following the first losing day in
seven sessions for blue chips. [.N]
PRICES
* On the New York Mercantile Exchange at 9:40 a.m. EST (1440 GMT),
December crude CLZ9 was down 80 cents, or 1.04 percent, at $76.14 a
barrel, trading from $75.73 to $77.67. The early low was the cheapest since
prices hit $74.79 on Oct. 15.
* In London, December Brent crude LCOZ9 was down 55 cents, or 0.72
percent, at $75.47 a barrel, trading from $75.03 to $76.92.
* NYMEX December RBOB RBZ9 slid 2.15 cents, or 1.12 percent, to
$1.9190 a barrel, trading from $1.9061 to $1.9605.
* NYMEX December heating oil HOZ9 fell 2.69 cents, or 1.35 percent,
to $1.9641 a gallon, trading from $1.9530 to $2.0069
* The December/December RBOB crack spread <0#RB-CL=R> was at $4.46
after ending at $4.56 on Thursday. The December/December heating oil crack
spread <0#CL-HO=R> was at $6.35 after ending at $6.68 on Thursday.
* The spread between the current front month and the five-year forward
crude contract CLc61 was at $14.79, based on the December 2014 contract's
settlement at $90.93 on Thursday. The spread ended at $13.99 on Thursday.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $77.32/$77.53
Technical support/resistance:
NYMEX crude: $75.00/$79.00
NYMEX heating oil: $1.9355/$2.0475
NYMEX RBOB: $1.8885/$1.9970
For a full report on technicals, click on [ID:nLD707837]
MARKET NEWS
* Exxon Mobil Corp (XOM.N) said Friday it restarted earlier this week a
vacuum distillation unit at its 238,600 barrel-per-day refinery in Joliet,
Illinois, after maintenance work. [ID:nN13463736]
* The U.S. trade deficit widened in September by an unexpectedly large
18.2 percent, the most in more than 10 years, as oil prices rose for the
seventh straight month and imports from China bounded higher, a U.S.
government report showed on Friday. [ID:nN12319602]
* China's annual GDP growth rate could reach 10 percent in the fourth
quarter of 2009 as the economic recovery exceeds expectations, said Fan
Jianping, chief economist with the State Information Center.
[ID:nSHA79146]
* Colonial Pipeline is allocating shipping space on its main gasoline
line north of Collins, Mississippi for barrels shipping on cycle 66 as
demand for space exceeds capacity. it said in a note late Thursday.
[ID:nN13460301]
* EIA data on Thursday showed domestic crude stocks rose 1.8 million
barrels, distillate supplies added 300,000 barrels and gasoline stocks
jumped 2.5 million barrels last week.
Source