NEW YORK, Feb 8 (Reuters) - U.S. crude futures edged up in
seesaw trading on Monday, with oil finding some support from
cold weather and a weaker dollar after a string of three
straight losing sessions.
But crude futures that rose more than $1 before the start of the U.S. session were well off that high as concern about euro zone economies and a weak Wall Street open helped to keep markets cautious.
'The complex furthered Friday's late session recovery at the start of this new week with some help from a softer dollar and a steady tone to the equities. Cold temperature forecasts and some renewed concerns over Iran's nuclear program also provided support,' said Jim Ritterbusch, president at Ritterbusch & Associates, in a research note.
The dollar weakened against a basket of currencies. The euro also steadied against the dollar after softening earlier on worries about euro zone fiscal health.
Unseasonably cold weather will settle over the Midwest and Northeast this week, according to forecasters.
Barclay's Capital in their Commodity Briefing report said the recent bout of cold weather was providing support.
PRICES
* On the New York Mercantile Exchange, at 10:05 a.m. EST (1504 GMT), March crude was up 6 cents, or 0.08 percent, at $71.25 a barrel, trading from $70.77 to $72.39.
Friday's $69.50 low was the weakest price since the Dec. 15 intraday low of $69.31.
* In London, March Brent crude edged up 11 cents, or 0.16 percent, to $69.70 a barrel, trading from $69.21 to $70.82.
* NYMEX March RBOB slipped 0.98 cent, or 0.52 percent, to $1.8766 a gallon, trading from $1.87 to $1.9114.
* NYMEX March heating oil was up 0.36 cent, or 0.19 percent, to $1.8784 a gallon, trading from $1.8650 to $1.9036.
* The March/March heating oil crack spread was at $7.54, after ending at $7.55 on Friday. The March/March RBOB crack spread was at $7.58, after ending at $8.04 on Friday.
* The spread between the current front month and the five-year forward crude contract was at $13.44, based on the March 2015 contract Friday settlement at $84.63. The spread ended Friday at $13.44.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $73.99/$76.14
Technical support/resistance:
NYMEX crude: $70.00/$73.10
NYMEX heating oil: $1.83/$1.94
NYMEX RBOB: $1.8124/$1.96
For a full report on technicals, click on
MARKET NEWS
* Valero Energy Corp said Monday its fire-damaged fluid catalytic cracking unit at its Quebec City refiner will last several weeks.
* A Nigerian militant group said on Sunday it had attacked a Royal Dutch Shell oil pipeline in the Niger Delta but Shell said it had no reports of sabotage.
* A senior Russian lawmaker called on the international community to prepare 'serious measures' in response to Iran's announcement that it would start making higher-grade reactor fuel.
* For a list of U.S. refinery issues, click on
* The U.S. Energy Information Administration said its monthly short-term energy forecast will be delayed to Wednesday because of the snowstorm.
(Reporting by Robert Gibbons; editing by Jim Marshall) Keywords: MARKETS ENERGY NYMEX (robert.gibbons@thomsonreuters.com; + 1 646 223 6059; Reuters Messaging: robert.gibbons.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
But crude futures that rose more than $1 before the start of the U.S. session were well off that high as concern about euro zone economies and a weak Wall Street open helped to keep markets cautious.
'The complex furthered Friday's late session recovery at the start of this new week with some help from a softer dollar and a steady tone to the equities. Cold temperature forecasts and some renewed concerns over Iran's nuclear program also provided support,' said Jim Ritterbusch, president at Ritterbusch & Associates, in a research note.
The dollar weakened against a basket of currencies. The euro also steadied against the dollar after softening earlier on worries about euro zone fiscal health.
Unseasonably cold weather will settle over the Midwest and Northeast this week, according to forecasters.
Barclay's Capital in their Commodity Briefing report said the recent bout of cold weather was providing support.
PRICES
* On the New York Mercantile Exchange, at 10:05 a.m. EST (1504 GMT), March crude was up 6 cents, or 0.08 percent, at $71.25 a barrel, trading from $70.77 to $72.39.
Friday's $69.50 low was the weakest price since the Dec. 15 intraday low of $69.31.
* In London, March Brent crude edged up 11 cents, or 0.16 percent, to $69.70 a barrel, trading from $69.21 to $70.82.
* NYMEX March RBOB slipped 0.98 cent, or 0.52 percent, to $1.8766 a gallon, trading from $1.87 to $1.9114.
* NYMEX March heating oil was up 0.36 cent, or 0.19 percent, to $1.8784 a gallon, trading from $1.8650 to $1.9036.
* The March/March heating oil crack spread was at $7.54, after ending at $7.55 on Friday. The March/March RBOB crack spread was at $7.58, after ending at $8.04 on Friday.
* The spread between the current front month and the five-year forward crude contract was at $13.44, based on the March 2015 contract Friday settlement at $84.63. The spread ended Friday at $13.44.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $73.99/$76.14
Technical support/resistance:
NYMEX crude: $70.00/$73.10
NYMEX heating oil: $1.83/$1.94
NYMEX RBOB: $1.8124/$1.96
For a full report on technicals, click on
MARKET NEWS
* Valero Energy Corp said Monday its fire-damaged fluid catalytic cracking unit at its Quebec City refiner will last several weeks.
* A Nigerian militant group said on Sunday it had attacked a Royal Dutch Shell oil pipeline in the Niger Delta but Shell said it had no reports of sabotage.
* A senior Russian lawmaker called on the international community to prepare 'serious measures' in response to Iran's announcement that it would start making higher-grade reactor fuel.
* For a list of U.S. refinery issues, click on
* The U.S. Energy Information Administration said its monthly short-term energy forecast will be delayed to Wednesday because of the snowstorm.
(Reporting by Robert Gibbons; editing by Jim Marshall) Keywords: MARKETS ENERGY NYMEX (robert.gibbons@thomsonreuters.com; + 1 646 223 6059; Reuters Messaging: robert.gibbons.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.