Print | Close this window NYMEX-Crude jumps 2 pct on China, euro, equities Thu Jun 10, 2010 2:17pm GMT * China's strong May exports help lift equities, oil * Euro up after Spain bond sale, helps boost oil * Coming up: EIA natgas data at 10:30 a.m. EDT Thursday NEW YORK, June 10 (Reuters) - U.S. crude oil futures rose more than 1 percent on Thursday as Chinese export data, a drop in U.S. jobless claims and the dollar's weakness against the euro combined to provide lift. The International Energy Agency raised its 2010 oil demand growth forecast and equities markets strengthened, also providing momentum for oil. [MKTS/GLOB] The euro rose a third straight day as strong demand for Spanish bonds eased concern about the country's ability to finance its debt and the spike in Chinese exports boosted confidence on global growth. [USD/] The number of U.S. workers filing new jobless claims fell, but less than expected last week, the Labor Department said. Initial claims dipped 3,000 to a seasonally adjusted 456,000 in the week ended June 5. [ID:n09208728] China's total exports rose 48.5 percent in May from a year earlier and imports were up 48.3 percent, the General Administration of Customs said. [ID:nTOE65901X] World oil demand growth is picking up this year as U.S. truckers use more diesel to ship goods and as Chinese oil demand remains robust, the International Energy Agency said. The IEA raised its 2010 global oil demand growth forecast by 70,000 barrels per day to 1.68 million bpd from its previous estimate. [ID:nLDE6590N4] PRICES * On the New York Mercantile Exchange at 10:07 a.m. EDT (1407 GMT), July crude CLN0 was up $1.77, or 2.38 percent, at $76.15 a barrel, trading from $73.72 to $76.30. * The $64.24 intraday low on May 20 was the weakest front-month price since $62.76 was struck on July 30, 2009. The 2010 peak of $87.15 was struck on May 3. * In London on the Intercontinental Exchange, July Brent crude LCON0 rose $1.39, or 1.87 percent, to $75.66 a barrel, trading from $73.68 to $75.88. * NYMEX July RBOB RBN0 rose 3.53 cents, or 1.73 percent, to $2.0750 a gallon, trading from $2.0230 to $2.0775. * NYMEX July heating oil HON0 rose 3.90 cents, or 1.94 percent, to $2.0486 a gallon, trading from $1.9944 to $2.0534. * The July/July heating oil crack spread <0#CL-HO=R> was at $9.95 a barrel. The spread ended Wednesday at $10.02. The July/July RBOB crack spread <0#RB-CL=R> was at $10.99. The spread ended Wednesday at $11.29. * The spread between the current front month and the five-year forward crude contract CLc61 was at $12.12, based on the July 2015 contract Wednesday settlement at $88.27. The spread ended on Wednesday at $13.89. TECHNICALS NYMEX crude 10-day/20-day moving average: $73.28/$71.83 Technical support/resistance: NYMEX crude: $73.00/$75.72 NYMEX heating oil: $1.9230/$2.0970 NYMEX RBOB: $1.9430/$2.1075 For a full report on technicals, click on [ID:nLDE6591C5] MARKET NEWS * China's May crude oil imports fell from a peak in April, while net fuel imports were also down sharply from the previous month. [ID:nTOE65907K] * The U.S. Energy Information Administration said domestic crude stocks fell 1.8 million barrels last week, more than expected. [EIA/S] Gasoline stockpiles were unchanged while distillate stocks rose much more than forecast. * The EIA's natural gas storage report is due at 10:30 a.m. EDT (1430 GMT) on Thursday. Expectations were for storage to be up 93 billion cubic feet last week. [ID:nN10152330] (Reporting by Robert Gibbons; Editing by Lisa Shumaker)

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