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RTRS: NYMEX-Crude dips, but choppy as March nears expiry
 
* NYMEX front-month March crude contract expires Monday
* Oil markets eyeing French refinery workers strike
NEW YORK, Feb 22 (Reuters) - U.S. crude oil futures slipped in seesaw
trading on Monday as front month March crude neared expiration and the
market eyed refinery strikes in France and tensions over Iran's nuclear
program.
A weaker dollar also was seen as supportive to crude oil futures that
were above $80 a barrel earlier on Monday and last week rose $5.68, or 7.7
percent, from the previous week, the highest one-week percentage gain for
front-month crude since the week of Oct. 16, 2009, according to Reuters
data.
"Crude and products futures (were) marginally higher in moderate
overnight volume as the market takes a breather after last week's 7.7
percent gain in NYMEX crude," Addison Armstrong, analyst at Tradition
Energy in Stamford, Connecticut, said in a note.
The dollar was a touch lower on Monday as the effect of last week's
surprise rise in a U.S. central bank lending rate faded and a slight
improvement in risk appetite helped lift U.S. share prices. [USD/]
PRICES
* On the New York Mercantile Exchange at 10:15 a.m. EST (1515 GMT),
expiring March crude CLH0 was down 26 cents, or 0.33 percent, at $79.55 a
barrel, trading from $79.45 to $80.51.
* The NYMEX April CLJ0 crude contract was down 31 cents, or 0.39
percent, at $79.75 a barrel, trading from $79.69 to $80.78.
* In London, April Brent crude LCOJ0 fell 31 cents, or 0.4 percent,
to $77.88 a barrel, trading from $77.85 to $78.94.
* NYMEX March RBOB RBH0 rose 1.03 cents, or 0.49 percent, to $2.0960
a gallon, trading from $2.09 to $2.1275.
* NYMEX March heating oil HOH0 was up 0.33 cent, or 0.16 percent, at
$2.0732 a gallon, trading from $2.0690 to $2.0913.
* The March/March heating oil crack spread <0#CL-HO=R> was at $7.47
after ending at $7.12 on Friday. The March/March RBOB crack spread
<0#RB-CL=R> was at $8.44 after ending at $7.79 on Friday.
* The spread between the current front month and the five-year forward
crude contract CLc61 was at $8.52 based on the March 2015 contract Friday
settlement at $88.07. The spread ended Friday at $8.26.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $76.29/$75.30
Technical support/resistance:
NYMEX crude: $76.51/$81.24
NYMEX heating oil: $2.0223/$2.2447
NYMEX RBOB: $2.0075/$2.0644
For a full report on technicals, click on [ID:nLDE61L1PR]
MARKET NEWS
* France pledged to maintain fuel supplies on the sixth day of a Total
(TOTF.PA) refinery workers' strike which threatens to spread to other
plants. [ID:nLDE61L0LC]
* A Lavera CGT union spokesman says workers at Ineos [INEOSP.UL] Lavera
refinery in France voted for an open-ended strike from Wednesday.
[ID:nWEB1485]
* U.S. heating demand this week is expected to be 8.9 percent above
normal, the National Weather Service said. Heating oil demand was seen 2.2
percent below normal. [ID:nN22188034]
* Exxon Mobil Corp's (XOM.N) Beaumont, Texas, refinery shut a crude
distillation unit on Friday for planned work to last "a few weeks," the
company said. [ID:nWEN0468]
* China processed 30.14 million tonnes of crude in January, up 29
percent from a year earlier, the China Petroleum and Chemical Industry
Association said on Monday. [ID:nTOE61L03P]
* India's Bharat Petroleum Corp (BPCL.BO) made a first purchase from
from ConocoPhillips (COP.N), buying Euro IV diesel, trade sources said.
[ID:nSGE61L0BQ]
(Reporting by Robert Gibbons; Editing by John Picinich)
Source