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RTRS: NYMEX-Crude dips on China rate move, cold supports
 
NEW YORK, Jan 7 (Reuters) - U.S. crude futures edged lower on Wednesday
as concerns about China's demand growth and the stronger dollar curbed oil
prices that had risen the previous 10 sessions on cold weather that
remained supportive.
"Crude and products futures fell over night ... as global equities
retreated and the dollar regained some strength. Crude oil edged lower on
speculation that China's move to slow bank lending may reduce commodity
demand in the country," Addison Armstrong, analyst at Tradition Energy in
Stamford, Connecticut, said in a note.
China's central bank surprised markets on Thursday by raising the
interest rate on its three-month bills for the first time since August.
[ID:nTOE60604H]
The yen hit a four-month low against the dollar after Japan's new
finance minister said he wanted it to weaken more. The rally helped boost
the dollar across the board. [USD/]
The number of U.S. workers filing new applications for unemployment
insurance rose less than expected last week and the four-week moving
average for new claims fell to a nearly 16-month low, government data
showed Thursday. [ID:nN06156563]
Financial markets are awaiting Friday's jobs report for December.
Harsh cold weather in the United States has supported crude oil and
heating oil and other commodity prices. [ID:nN06165331]
The U.S. Energy Information Administration's report on Wednesday showed
crude stocks rose last week, against expectations for a drop. Distillate
stocks fell less than expected and gasoline stocks rose more than
estimated. [EIA/S]
The EIA will release natural gas storage data at 10:30 a.m. EST
Thursday. Expectations are for storage to have slipped 151 billion cubic
feet last week.
PRICES
* On the New York Mercantile Exchange at 9:48 a.m. EST (1448 GMT),
February crude CLG0 was down 36 cents, or 0.43 percent, at $82.82 a
barrel, trading from $82.26 to $83.36.
* In London, February Brent crude LCOG0 fell 28 cents, or 0.34
percent, to $81.61 a barrel, trading from $81.05 to $82.05.
* NYMEX February RBOB RBG0 fell 0.66 cent, or 0.31 percent, to $2.13
a gallon, trading from $2.1212 to $2.1425.
* NYMEX February heating oil HOG0 fell 0.73 cent, or 0.33 percent, to
$2.1959 a gallon, trading $2.1779 to $2.2069.
* The February/February heating oil crack spread <0#CL-HO=R> was at
$9.36, after ending at $9.35 on Wednesday. The February/February RBOB crack
spread <0#RB-CL=R> was at $6.69, after ending at $6.58 on Wednesday.
* The spread between the current front month and the five-year forward
crude contract CLc61 was at $12.61, based on the February 2015 contract
Wednesday settlement at $95.43. The spread ended Wednesday at $12.25.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $78.67/$75.69
Technical support/resistance:
NYMEX crude: $80.00/$85.00
NYMEX heating oil: $2.1235/$2.2120
NYMEX RBOB: $2.0430/$2.2080
For a full report on technicals, click on [ID:nLDE606180]
MARKET NEWS
* ConocoPhillips (COP.N: Quote, Profile, Research) began three-weeks of planned work on the fluid
catalytic cracking unit at its Bayway refinery in Linden, New Jersey,
sources said on Thursday. [ID:nN07180520]
* Exxon Mobil (XOM.N: Quote, Profile, Research) has shut several units at its Rotterdam refinery,
a spokesman said. [ID:nLDE6061A1]
* An explosion at a petrochemical plant belonging to China's
state-owned CNPC hit a chemical storage tank in the chemical part of the
complex and did not affect operations at the Lanzhou refinery.
[ID:nTOE6060A3]
* U.S. retailers posted higher December sales and raised profit
forecasts. [ID:nN07165754]
(Reporting by Robert Gibbons; Editing by John Picinich)

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