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RTRS: NYMEX-Crude up on demand, OPEC, equities bounce
 
U.S. crude oil futures rose Thursday,
extending gains from the previous session on signs that gasoline demand may
be reviving in the United States after supplies decreased and as OPEC
members continued to talk about more production cuts.
"Crude and product futures rose overnight, building on strong gains
made yesterday in the wake of bullish data on U.S. gasoline demand," said
Addison Armstrong, analyst at Tradition Energy in Stamford, Connecticut.
Armstrong also pointed to "stronger European equities," and noted that
crude futures briefly pared gains after disappointing U.S. durable goods
orders,
U.S. Energy Information Administration oil data issued on Wednesday
showed domestic supplies rose less than forecast. [EIA/S]
But the inventory at the NYMEX delivery hub in Cushing, Oklahoma fell
for the first time in eight weeks. And gasoline stocks dropped 3.4 million
barrels, far more than expected. Demand for the motor fuel rose to 9.0
million barrels per day from 8.9 million bpd the week before.
PRICES
* On the New York Mercantile Exchange at 9:54 a.m. EST (1454 GMT),
April crude CLJ9 was up $1,60, or 3.76 percent, at $44.10 a barrel,
trading from $42.27 to $44.30.
* In London, April Brent LCOJ9 rose $1.21, or 2.73 percent, to $45.50
a barrel, trading from $44.15 to $45.60.
* NYMEX March RBOB RBH9 rose 6.49 cents, or 5.56 percent, to $1.2316
a gallon, trading from $1.1650 to $1.2420 -- well above technical
resistance charted at $1.19.
* NYMEX March heating oil HOH9 was up 3.60 cents, or 2.91 percent, at
$1.2737 a gallon, trading from $1.2350 to $1.2799.
* March refined products contracts expire Friday as the market focus
switches from heating fuels to gasoline.
* The April/April RBOB crack spread <0#RB-CL=R> was at $11.87, after
ending at $10.66 on Wednesday. The April/April heating oil crack spread
<0#CL-HO=R> was at $9.38, after closing at $9.34 on Wednesday.
* The spread between the current front month and the five-year forward
crude contract CLc61 was at $24.62, based on the April 2014 contract's
Wednesday settlement at $68.72, up only 10 cents. The spread ended at
$28.66 on Wednesday.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $38.38/$39.12
Technical support/resistance:
NYMEX crude: $40.00/$44.00
NYMEX heating oil: $1.1770/$1.30
NYMEX RBOB: $1.15/1.19
For a report on technicals, click [ID:nLQ012050]
MARKET NEWS
* OPEC member United Arab Emirates deepened its curbs on crude oil
supply to Asia in April, surprising traders and giving a possible signal
that the oil cartel could cut production further at its March meeting.
[ID:nT140725]
* Venezuela wants OPEC to agree on a new oil output cut because of
significant oversupply. [ID:nN26546193]
* New U.S. orders for durable goods fell for a sixth consecutive month
to a six-year low in January, a Commerce Department report showed.
[ID:nN25289480]
* The number of U.S. workers continuing to claim jobless benefits
notched a fresh record in the second week of February, while new claims
were the highest since 1982. [ID:nN26542592]
* News the U.S. 2009 budget deficit could rise to $1.75 trillion sent
U.S. Treasuries lower, while British steps to shore up banks underpinned
European stocks. [MKTS/GLOB]
* U.S. stocks opened higher. [.N]
* The EIA will release U.S. natural gas data at 10:30 a.m. EST (1530
GMT). Storage was forecast to be down 108 billion cubic feet, according to
a Reuters poll. [ID:nN26490965]
(Reporting by Robert Gibbons; Editing by John Picinich)
Source