RTRS: NYMEX-Crude moves up on UAE cut, weak dollar
NEW YORK, Dec 26 (Reuters) - U.S. crude oil futures rose on Friday in
thin post-holiday trading as signs OPEC's UAE is cutting output and the
weak dollar lifted crude futures that fell 9.31 percent during Wednesday's
shortened session.
"About the only market moving news over the holiday break is ... the
United Arab Emirates joined Saudi Arabia in deepening supply curbs in
compliance with OPEC's recent decision to limit supply," Mike Fitzpatrick,
vice president at MF Global, said in a note.
OPEC's 2.2 million-bpd cut is due recently agreed to is set for January
implementation.
But oil futures have been under pressure despite OPEC's upcoming cut
and an unexpected drop in U.S. crude inventories last week reported by the
government on Wednesday. [EIA/S]
PRICES
* On the New York Mercantile Exchange at 9:52 a.m. EST (1452 GMT),
February crude CLG9 was up $1.12, or 3.17 percent, at $36.47 a barrel,
trading from $35.60 to $36.90.
* In London, February Brent LCOG9 crude rose $1.01, or 2.76 percent,
to $37.62 a barrel, trading from $36.58 to $38.
* NYMEX January RBOB RBF9 rose 1.23 cents, or 1.55 percent, to 80.50
cents a gallon, trading from 35.60 cents to 36.90 cents.
* NYMEX January heating oil HOF9 rose 2.78 cents, or 2.32 percent, to
$1.2261 a gallon, trading from $1.21 to $1.2370. It fell more than 12 cents
on Wednesday.
* The Feb/Feb RBOB crack spread <0#RB-CL=R> was at minus 77 cents a
barrel. It ended Wednesday at minus 14 cents. The Feb/Feb heating oil crack
spread <0#CL-HO=R> was at $16.03, after ending Wednesday at $15.93.
* The spread between the current front month and the five-year forward
February crude contract CLc61 was at $29.21, based on the February 2014
contract's Wednesday settlement at $65.68. The spread ended Wednesday at
$30.33.
MARKET NEWS
* The UAE joined Saudi Arabia in deepening oil supply curbs to comply
with OPEC's output cut, telling refiners it would tighten limits on exports
of its main grades. [ID:nT49666]
* The dollar was weaker against the euro on concerns about a prolonged
and deep U.S. recession. [USD/]
* U.S stocks opened higher as General Motors (GM.N: Quote, Profile, Research, Stock Buzz). shares rallied in
pre-market trade, lifted by the move to turn affiliate GMAC into a bank
holding company. [.N]
* Asia stocks edged up and Japan's Nikkei average posted its highest
close in six weeks as investors bet government measures will help the
economy recover in 2009. [MKTS/GLOB]
* Fires broke out at the ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz) and Cenex refineries in
Montana on Thursday, according to reports from Montana television stations.
[ID:nN26297740]
* Reliance Industries Ltd (RELI.BO: Quote, Profile, Research, Stock Buzz) on Thursday began processing crude
oil at the 580,000-barrels-per-day refinery in Jamnagar in western Gujarat.
It will be the biggest supplier of fuels to the market, pumping 1.24
million bpd of fuels to Europe, Africa and the United States.
[ID:nBOM353717]
* Dense sea fog was keeping about 40 ships from entering or exiting the
Houston Ship Channel on Friday morning, according to the U.S. Coast Guard.
[ID:nN26516251]