January 22, 2009 / 8:21 PM / 11 years ago

NYMEX-Crude ends up on stimulus hopes in late surge

 NEW YORK, Jan 22 (Reuters) - U.S. oil futures surged late to
end higher on Thursday, as investors took heart after the Obama
White House said it must move quickly on an economic stimulus
package.
 The energy market's bounce from the lows followed Wall
Street, which pared losses after the White House announcement.
 "Crude is getting a little spike on the stock market coming
off its lows," said Daniel Flynn, an analyst at Alaron Trading
in Chicago.
 Earlier, crude and refined product futures slumped after
government data showed inventories rose last week.
 Prices already were down on bleak economic data that showed
U.S. new housing starts fell in December and jobless claims were
up more than expected last week.
 News that China's economy slowed in the fourth quarter and
oil demand was down in December also pressured crude earlier.
[ID:nSP223646]  [ID:nPEK6220]
 PRICES
 * On the New York Mercantile Exchange, March crude CLH9
settled up 12 cents. or 0.28 percent, at $43.67 a barrel,
trading from $40.41 to $45.10.
 * In London, March Brent LC0H9 ended up 37 cents, or 0.82
percent, at $45.39 a barrel, trading from $43.40 to $46.64.
 * NYMEX February RBOB RBG9 settled down 8.04 cents, or
6.85 percent, at $1.0934 a gallon, trading from $1.0397 to
$1.19.
 * NYMEX February heating oil HOG9 finished down 3.74
cents, or 2.7 percent, at $1.3486, trading from $1.3083 to
$1.4089.
 * The March/March RBOB crack spread <0#RB-CL=R> narrowed to
$3.33, from $6.84 at the close on Wednesday. The March/March
heating oil crack spread <0#CL-HO=R> ended at $12.85, dropping
from Wednesday's close at $14.42.
 * The spread between the current front month and the
five-year forward crude contract CLc61 ended at $23.28, down
from Wednesday's close at $23.61. The March 2014 contract
settled at $66.95, down 21 cents, or 0.31 percent.
 TECHNICALS
 NYMEX crude 10-day/20-day moving average: $38.62/$40.55
 Technical support/resistance: NYMEX crude: $40.00/$45.00
 NYMEX heating oil: $1.35/$1.50
 NYMEX RBOB: $1.08/1.20
 For a report on technicals, click [ID:nLM747855]
 MARKET NEWS
 * U.S. stocks pared losses after the White House said it was
committed to moving as quickly as possible on an economic
stimulus package. [.n]
 * U.S. crude inventories jumped 6.1 million barrels last
week to 332.7 million barrels, while domestic gasoline stocks
leaped 6.5 million barrels to 220.0 million barrels, far above
analysts' forecasts in a Reuters poll, government data showed
[EIA/S].
 * Stocks in the Cushing, Oklahoma, delivery hub for
NYMEX-traded crude rose 200,000 barrels to 33.2 million barrels,
extending record storage at the site.
 * U.S. distillate stocks rose 800,000 barrels to 145 million
barrels, against the forecast for small decline.
 * The U.S. dollar rose, bolstered by its perceived
safe-haven status and comments by Treasury Secretary nominee
Timothy Geithner, who said a strong dollar was in the United
States' interest. [USD/]
 * The number of U.S. workers filing new claims for jobless
benefits rose by a more-than-expected 62,000 last week,
government data showed. [ID:nN22525475]
 * New U.S. housing starts and permits fell to a record low
in December, government data showed. [ID:nN21489514]
 (Reporting by Gene Ramos and Robert Gibbons; Editing by Walter
Bagley)


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