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RTRS: NYMEX Crude up ahead of EIA data as euro stronger
 
* Euro strengthens on Greece austerity plan
* API data showed crude stocks up, distillates down
* Coming Up: EIA inventory report 10:30 a.m. EST/1530 GMT
NEW YORK, March 3 (Reuters) - U.S. crude oil futures rose
on Wednesday on the weak dollar and stronger heating oil
futures ahead of a weekly government inventory report.
The euro rose against the U.S. dollar after the Greek
government endorsed a 4.8 billion euro austerity package,
boosting hopes the heavily indebted country would get help from
the European Union. [ID:nN03227861]
Oil markets on Wednesday awaited the U.S. Energy
Information Administration's weekly oil inventory report due at
10:30 a.m. EST (1530 GMT).
The American Petroleum Institute on Tuesday reported crude
stocks rose 2.7 million barrels last week. [API/S]
Distillate stocks fell 4.1 million barrels, with heating
oil stocks dropping 3.0 million barrels. Gasoline inventories
rose 909,000 barrels, the API report said.
In a survey on Tuesday ahead of the API report, crude
inventories were forecast to be up 1.4 million barrels.
Gasoline stocks were forecast up 600,000 barrels and
distillates down 900,000 barrels. [EIA/S]
Oil trading sources have noted the inability of recent
rallies to sustain moves above $80 a barrel.
"We are now at the make-or-break point. Investors, Wall
Street specs, are pushing up against good resistance at $80
area," said Stephen Schork, president at the Schork Group in
Villanova, Pennsylvania.
"If they don't make a significant break, or settle above,
recent highs, they will tire and begin pushing in the other
direction, where support will be very light, given all the
buying currently going on. For the spot month that means
$83.95," Schork added.
PRICES
* On the New York Mercantile Exchange at 9:53 a.m. EST
(1453 GMT), April CLJ0 crude was up 57 cents, or 0.72
percent, at $80.25 a barrel, trading from $79.44 to $80.39.
* In London, April Brent crude LCOJ0 rose 50 cents, or
0.64 percent, to $78.68 a barrel, trading from $77.88 to
$78.80.
* NYMEX April RBOB RBJ0 rose 1.86 cents, or 0.85 percent,
to $2.2152 a gallon, trading from $2.1914 to $2.2177.
* NYMEX April heating oil HOJ0 rose 2.45 cents, or 1.19
percent, to $2.0806 a gallon, trading from $2.0543 to $2.0822.
* The April/April heating oil crack spread <0#CL-HO=R> was
at $7.06. It ended at $6.68 on Tuesday. The April/April RBOB
crack spread <0#RB-CL=R> was at $12.75. It ended Tuesday at
$12.58.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $7.82, based on
the April 2015 contract Tuesday settlement at $88.07. The
spread ended Tuesday at $8.39.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $78.00/$80.50
Technical support/resistance:
NYMEX crude: $78.00/$80.50
NYMEX heating oil: $2.0415/$2.0868
NYMEX RBOB: $2.1870/$2.2234
For a full report on technicals, click on [ID:nLDE6221DD]
MARKET NEWS
* U.S. private employers shed 20,000 jobs in February,
fewer than the 60,000 jobs lost in January, a report by ADP
Employer Services said on Wednesday. [ID:nWEN1164]
* Royal Dutch Shell (RDSa.L) said the Kokori flow station
in Nigeria was damaged by an explosion. The damage had no
impact on oil output. [ID:nLDE6220JS]
* Nigerian militant group, the Movement for the
Emancipation of the Niger Delta, said it was not behind an
attack on the Shell oil flow station. [ID:nLDE6221SI]
(Reporting by Robert Gibbons; Editing by Walter Bagley)
Source