RTRS: NYMEX-Crude up but seesaws on Gaza, Russia, dollar
U.S. crude oil futures edged up
but trading seesawed on Monday as a stronger dollar brought
prices down from early highs hit as fighting in Gaza
intensified.
Higher prices to be charged by Saudi Arabia, and Russia\\\'s
dispute with Ukraine over natural gas, helped support oil.
\\\"Prices are being supported by Israel\\\'s ground invasion of
Gaza and news that Saudi Arabia had raised its prices ..., but
the early gains were erased as the dollar rallied strongly
against the euro and the yen,\\\" Addison Armstrong, analyst at
Tradition Energy, said in a note.
PRICES
* On the New York Mercantile Exchange at 9:34 a.m. EST
(1434 GMT), February crude CLG9 was up 15 cents, or 0.32
percent, at $46.49 a barrel, trading from $45.56 to $48.68.
* In London, February Brent LCOG9 crude also seesawed and
was up only 4 cents, or 0.09 percent, at $46.95 a barrel,
trading from $46.31 to $48.71.
* NYMEX February RBOB RBG9 rose 1.30 cents, or 1.17
percent, to $1.1235 a gallon, trading from $1.1056 to $1.1570.
* NYMEX February heating oil HOG9 rose 1.04 cents, or 0.7
percent, to $1.4907 a gallon, trading from $1.4739 to $1.5225.
* The Feb/Feb RBOB crack spread <0#RB-CL=R> was at 71
cents. It ended at 30 cents on Friday. The Feb/Feb heating oil
crack spread <0#CL-HO=R> was at $16.19. It ended at $15.83
Wednesday.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $27.71, based
on the February 2014 contract\\\'s Friday settlement at $74.20. It
ended Friday $27.86.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $39.20/$41.41
Technical support/resistance: NYMEX crude: $43.70/$49.20
NYMEX heating oil: $1.3930/$1.5180
NYMEX RBOB: $1.0470/$1.1275
For a report on technicals click [ID:nL5123802]
MARKET NEWS
* The euro hit three-week lows against the dollar. [USD/]
* Israeli tanks, planes and ground forces pounded Gaza on
Monday and the defense minister said the offensive against
Hamas militants in the Palestinian enclave would go on until
Israel was safe. [ID:nL5700436]
* OPEC oil producers in the Gulf would ignore Iran\\\'s call
for Islamic countries to cut supplies to supporters of Israel
in response to the Israeli offensive in Gaza, an OPEC source
said on Monday. [ID:nL51830]
* An Iranian military commander on Sunday said Islamic
countries could use oil to put pressure on Israel\\\'s European
and U.S. backers. [ID:nDAH458420]
* There were no plans for OPEC to hold an extraordinary
meeting before the next scheduled one in March, an OPEC source
said. A senior Iranian official said Saturday that OPEC could
meet in February. Algeria\\\'s Energy and Mines Minister Chakib
Khelil has also said OPEC could meet early. [ID:nL51830]
* Saudi Arabia raised its official selling prices for
February for light crude oil to customers in the United States
and Asia, state oil firm Aramco said on Sunday. [ID:nL4629028]
(Reporting by Robert Gibbons; editing by Jim Marshall)