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RTRS: NYMEX-Crude dips on APIs, dollar in choppy trading
 
* Dollar stronger versus the euro, basket of currencies
* EIA inventory report delayed to Friday
NEW YORK, Feb 10 (Reuters) - U.S. crude futures edged lower
in seesaw trading on Wednesday, hemmed in by industry inventory
data that showed a big crude oil stockpile rise and eyeing the
dollar that was up versus the euro but had also seen choppy
trading.
"The API report was certainly bearish, almost too bearish.
Traders are skeptical and will have to wait for DOE data
delayed till Friday. The dollar is strengthening this morning,
retracing some of yesterday's losses, capping petroleum
markets," said Tom Bentz, senior commodity analyst at BNP
Paribas Commodity Futures Inc in New York.
The industry group American Petroleum Institute's inventory
report on Tuesday showed crude oil stockpiles rose much more
than expected last week, up 7.2 million barrels, despite a drop
in both imports and runs. [API/S]
Distillate stocks fell 1.5 million barrels and gasoline
stocks rose 1.6 million barrels, according to the API.
Because of snow delays in Washington, the U.S. Energy
Information Administration has delayed its oil inventory and
natural gas storage reports until Friday. [ID:nWAT014114]
A Reuters survey of analysts yielded a forecast for crude
inventories to be up 1.5 million barrels last week, distillate
stocks down 1.9 million barrels and gasoline supplies up
500,000 barrels. [EIA/S]
A weak economy and higher oil prices are expected to keep
the EIA from increasing its estimate for U.S. oil demand in its
new monthly forecast scheduled for release on Wednesday at noon
EST (1700 GMT).
The euro slipped against the U.S. dollar, surrendering
earlier gains, amid uncertainty regarding the outcome of
Thursday's European Union summit about a possible bailout of
debt-strapped Greece. [USD/]
The dollar also rose against the currency basket. [.DXY]
PRICES
* On the New York Mercantile Exchange at 9:55 a.m. EST
(1455 GMT), March crude CLH0 was down 10 cents, or 0.14
percent, at $73.65 a barrel, trading from $73.18 to $74.30.
* In London, March Brent crude LCOH0 fell 33 cents, or
0.46 percent, to $71.80 a barrel, trading from $71.49 to
$72.48.
* NYMEX March RBOB RBH0 fell 1.25 cents, or 0.65 percent,
to $1.9165 a gallon, trading from $1.9132 to $1.9412.
* NYMEX March heating oil HOH0 fell 0.37 cents, or 0.19
percent, to $1.9336 a gallon, trading from $1.9243 to $1.9486.
* The March/March heating oil crack spread <0#CL-HO=R> was
at $7.52, after ending at $7.62 on Tuesday. The March/March
RBOB crack spread <0#RB-CL=R> was at $6.83, after ending at
$7.27 on Tuesday.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $13.19, based
on the March 2015 contract Tuesday settlement at $86.84. The
spread ended Tuesday at $13.09.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $73.91/$75.35
Technical support/resistance:
NYMEX crude: $70.10/$75.00
NYMEX heating oil: $1.8435/$1.9105
NYMEX RBOB: $1.8570/$1.9774
For a full report on technicals, click on [ID:nLDE6191PX]
MARKET NEWS
* OPEC trimmed its 2010 global demand growth forecast by
10,000 barrels per day. [ID:nLDE6191O5]
* The U.S. trade deficit widened unexpectedly in December
to $40.2 billion dollars. [ID:nWAT014117]
* The NYMEX said trading and the open outcry session hours
of operation would not be affected by the snowstorm hitting the
East.
* For a list of U.S. refinery issues, click on [REF/US]
(Reporting by Robert Gibbons; editing by Jim Marshall)

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