RTRS: NYMEX-Crude rises on economic data, but dollar weighs
NEW YORK, Sept 15 (Reuters) - U.S. crude oil futures rose
in choppy trading on Tuesday as reports of higher U.S. retail
sales and producer prices provided lift even as the stronger
dollar helped limit gains.
"There was not much follow through above $69.90 resistance
technicals traders had charted and the rising dollar also
helped bring crude off that early high," said Mike Fitzpatrick,
vice president at MF Global in New York.
The dollar climbed against a basket of major currencies for
the second straight day on Tuesday. [USD/]
Sales at U.S. retailers in August rose at their fastest
pace in 3-1/2 years, the Commerce Department reported.
[ID:nN14478930]
U.S. producer prices rose more than twice as much as
expected in August on the biggest surge in gasoline prices in
more than 10 years and prices declined less than expected
compared with a year ago, a government report showed on
Tuesday. [ID:nN15543702]
"Basically the market's still range trading. There's no
sustained momentum in either direction," said Tom Bentz,
analyst at BNP Paribas Commodity Futures Inc in New York.
Crude oil also has recently been hemmed in under its 2009
peak of $75 a barrel by concerns about rising refined product
supplies, especially distillates.
Crack spreads continued to be weak, with both RBOB and
heating oil spreads based on October crude and products
contracts hovering near $4 a barrel.
PRICES
* On the New York Mercantile Exchange at 12:08 p.m EDT
(1608 GMT), October crude CLV9 was up 19 cents, or 0.28
percent, at $69.05 a barrel, trading from $68.48 to $70.06.
* In London, expiring front-month October Brent crude
LCOV9 fell 67 cents, or 0.99 percent, to $66.77 a barrel,
trading from $66.68 to $67.93.
* NYMEX October RBOB RBV9 dipped 0.31 cents, or 0.19
percent, to $1.74 a gallon, seesawing from $1.73 to $1.7655.
* NYMEX October heating oil HOV9 slipped 0.40 cent, or
0.23 percent, to $1.7382 a gallon, in choppy trading between
$1.73 and $1.7665.
* The October/October RBOB crack spread <0#RB-CL=R> was at
$4.13, after ending at $4.36 on Monday. The October/October
heating oil crack spread <0#CL-HO=R> was at $4.00, after ending
at $4.31 on Monday.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $13.38, based
on the October 2014 contract Monday settlement at $82.43. The
spread ended Monday at $13.57.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $69.35/$70.73
Technical support/resistance:
NYMEX crude: $66.94/$70.67
NYMEX heating oil: $1.7070/$1.7772
NYMEX RBOB: $1.7070/$1.77796
For a full report on technicals, click on [ID:nLF353449]
MARKET NEWS
* Marathon Oil Corp began restarting its Robinson, Illinois
oil refinery following a power outage Sunday, a spokeswoman
said on Tuesday. [ID:nN15547150]
* A Reuters survey of analysts on Monday forecast that
crude supplies would be down, but product inventories up, last
week. Refinery use was seen lower. [EIA/S]
* OPEC said in monthly report that evidence of an impending
world economic upturn appears to be gathering but recovery will
be slow and gradual. OPEC left its world oil demand forecast
for 2010 unchanged.