RTRS: Euro Falls for Third Day Versus Dollar, Yen on Greece Concern
NEW YORK, Feb 12 (Reuters) - U.S. crude oil futures fell sharply Friday as
the dollar rose against the euro and the basket of currencies, and the Chinese
central bank's move to raise commercial banks' reserve requirements raised
concerns the move may curb economic growth.
"The petroleum markets have been hit by overseas developments, including a
further move by the Chinese government to curb credit to cool growth," said Tim
Evans, analyst at Citi Futures Perspective in New York.
The euro plunged to a nearly nine-month low against the dollar after a
rescue deal for debt-stricken Greece left many details unanswered, while
China's surprise monetary tightening hit higher-yielding currencies.
The Chinese central bank's move to raise commercial banks' reserve
requirements raised concerns the move may curb economic growth.
[ID:nTOE61B069]
The dollar rose against the currency basket. [.DXY]
The U.S. Energy Information Administration delayed its oil inventory and
natural gas storage reports to Friday. The EIA natural gas storage report will
arrive at 10;30 a.m. EST (1530 GMT) and the oil report release is set for 11
EST.
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]
The American Petroleum Institute's report on Tuesday showed crude supplies
rose much more than expected. [API/S]
PRICES
* On the New York Mercantile Exchange at 10:08 a.m. EST, March crude CLH0
was down $1.62, or 2.15 percent, at $73.66 a barrel, trading from $73.09 to
$75.35.
* In London, front-month April Brent crude LCOJ0 fell $1.70, or 2.29
percent, to $72.42 a barrel, trading from $72.12 to $74.
* NYMEX March RBOB RBH0 fell 4.23 cents, or 2.19 percent, to $1.8934 a
gallon, trading from $1.8866 to $1.9380.
* NYMEX March heating oil HOH0 fell 4.22 cents, or 2.15 percent, to
$1.9208 a gallon, trading from $1.8866 to $1.9380.
* The March/March heating oil crack spread <0#CL-HO=R> was at $7.35, after
ending at $7.17 on Thursday. The March/March RBOB crack spread <0#RB-CL=R> was
at $6.17, after ending at $6.02 on Thursday.
* The spread between the current front month and the five-year forward
crude contract CLc61 was at $14.06, based on the March 2015 contract Thursday
settlement at $87.72. The spread ended Thursday at $12.44.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $75.00/$77.00
Technical support/resistance:
NYMEX crude: $73.75/$75.80
NYMEX heating oil: $1.96/$2.00
NYMEX RBOB: $1.93/$1.9995
For a full report on technicals, click on [ID:nLDE61B1JW]
MARKET NEWS
* U.S. retail sales rose more than expected in January. The Commerce
Department said total retail sales increased 0.5 percent. December and November
results were both revised to show stronger spending. [ID:nN12156724]
* U.S. consumer sentiment slipped in early February, the Reuters/University
of Michigan Surveys of Consumers said. [ID:nN12179486]
* For a list of U.S. refinery issues, click on [REF/US]
(Reporting by Robert Gibbons; Editing by John Picinich)