RTRS: NYMEX-Crude slips on dollar after 10 percent jump
NEW YORK, Nov 5 (Reuters) - U.S. crude futures fell Wednesday on a stronger
dollar and profit-taking after they had surged more than 10 percent Tuesday.
Oil markets await fresh inventory numbers from the U.S. Energy Information
Administration at 10:35 a.m. EDT (1435 GMT).
Crude oil and distillate supplies are expected to have risen, while
gasoline stocks dipped last week, according to an expanded Reuters survey of
analysts on Tuesday. [EIA/S]
"Crude and products have dropped on average volume overnight, led lower by
a drop in the euro against the dollar after Barack Obama's unambiguous victory
in the U.S. presidential race," Addison Armstrong, analyst at Tradition Energy,
said in a note.
"Profit-taking is also weighing on the market, particularly in the gasoline
and heating oil futures after their sharp rallies yesterday," Armstrong added.
PRICES
* On the New York Mercantile Exchange at 9:33 a.m. EST (1433 GMT), December
crude CLZ8 was down $2.36 or 3.35 percent at $68.17 a barrel, trading from
$67.06 to $70.46.
* In London, December Brent LCOZ8 fell $2.08 or 3.13 percent to $64.36 a
barrel, trading from $62.95 to $66.00.
* NYMEX December RBOB RBZ8 fell 3.97 cents or 2.59 percent to $1.4930 a
gallon, trading from $1.4560 to $1.5333.
* NYMEX December heating oil HOZ8 fell 6.54 cents or 3.03 percent to
$2.0962 a gallon, trading $2.0716 to $2.15.
* The December heating oil crack spread <0#CL-HO=R> was at $19.73 a barrel,
and the RBOB crack spread <0#RB-CL=R> was at minus $5.56.
* The spread between the current front month and the five-year forward
December crude contract CLc61 showed an indicated plus $23, based on the
asked price of $91.31 for December 2013 crude.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $66.10/$70.66
Technical support/resistance:
NYMEX crude: $62.65/$70.50
NYMEX heating oil: $1.95/$2.15
NYMEX RBOB: $1.3351/$1.50
For a report on oil market technicals click [ID:nL5345549]
MARKET NEWS
* The dollar inched up against a basket of currencies on Wednesday. [USD/]
* Angola cut oil output by 99,000 bpd on Nov. 1, an oil ministry spokesman
said on Wednesday. [ID:nL5552609]
* OPEC seaborne exports, excluding Ecuador, fell 190,000 barrels per day in
the four weeks to Oct. 19 and are down 830,000 bpd since a mid-September peak,
Lloyd's Marine Intelligence Unit said on Wednesday. [ID:nL5567386]
* Global stock markets, which have surged more than 20 percent in just over
a week, clung to those gains as investors assessed the economic problems facing
U.S. president-elect Barack Obama and the international fallout of a new
administration. [ID:nL5276751]
* For a list of recent refinery and unit shutdowns and restarts, click
[REF/US].
* For more energy related stories, click [TOP/O]
(Reporting by Robert Gibbons; Editing by John Picinich)