NEW YORK, Nov 24 (Reuters) - U.S. crude oil futures ended
lower on Tuesday on a report showing third-quarter economic
growth was less than estimated earlier and on expectations that
crude oil inventories rose last week.
'With the unemployment rate and the diminished GDP data, the market has to price in less hope and more reality,' said John Kilduff, partner at Round Earth Capital in New York.
The U.S. Commerce Department said on Tuesday the economy grew at a 2.8 percent annual rate, rather than the 3.5 percent pace it estimated last month.
World stocks pared losses after the Federal Reserve revised upward its growth estimates for 2010, while the dollar rose against a basket of currencies on the report showing downward revision of U.S. third-quarter GDP.
Ahead of weekly oil inventory reports, a Reuters analyst survey yielded a forecast for crude oil stockpiles to have risen 1.2 million barrels last week. Distillate stocks were expected to be down 100,000 barrels and gasoline supplies up 300,000 barrels.
The industry group American Petroleum Institute's report released on Tuesday at 4:30 p.m. EST (2130 GMT) showed crude stocks rose 3.3 million barrels to 336.4 million barrels in the week to Nov. 20 as imports jumped.
The API report showed distillate supply fell 2.4 million barrels to 166.9 million barrels and that gasoline inventories rose 1.7 million barrels to 212.2 million barrels.
The U.S. Energy Information Administration's inventory report is due at 10:30 a.m. EST (1530 GMT) on Wednesday.
The EIA natural gas storage report will arrive at noon EST (1700 GMT) on Wednesday, a day early due to Thursday's U.S. Thanksgiving Day holiday. A Reuters survey forecast natural gas storage to be up 5 billion cubic feet last week.
PRICES
* On the New York Mercantile Exchange, January crude fell $1.54, or 1.99 percent, to settle at $76.02 a barrel, trading from $75.60 to $77.80. Globex electronic trading after settlement and the API data release ended at $75.84 a barrel, down $1.72, with the range unchanged.
* In London, January Brent crude fell $1 to settle at $76.46 a barrel, trading from $76.01 to $77.84.
* NYMEX December RBOB fell 4.04 cents, or 2.04 percent, to settle at $1.9390 a gallon, trading from $1.9312 to $1.9887. Globex trading after settlement ended at $1.9322 a gallon, down 4.72 cents and the range unchanged.
* NYMEX December heating oil fell 3.02 cents, or 1.53 percent, to settle at $1.9497 a gallon, trading from $1.9345 to $1.99. Post-settlement Globex trading after the API report ended at $1.9482 a gallon, down 3.17 cents and range not widened.
* The January/January RBOB crack spread ended at $6.29, after ending at $6.41 on Monday. The January/January heating oil crack spread ended at $7.54, after ending at $7.18 on Monday.
* The spread between the current front month and the five-year forward crude contract ended at $15.18, based on the January 2014 contract Monday settlement at $91.20.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $77.95/$78.37
Technical support/resistance:
NYMEX crude: $75.00/$81.00
NYMEX heating oil: $1.96/$2.0450
NYMEX RBOB: $1.96/$2.00
For a full report on technicals, click on
MARKET NEWS
* U.S. retail gasoline demand fell 1.6 percent in the week to Nov. 20 from the prior week and was 1.4 percent lower from the year-ago period, according to a MasterCard SpendingPulse report.
* U.S. refiners have about 10 percent more crude distillation capacity than they will likely need this winter as demand continues to drop, the government's latest report on planned refinery maintenance showed.
(Reporting by Robert Gibbons; Editing by Christian Wiessner)
((robert.gibbons@thomsonreuters.com; + 1 646 223 6059; Reuters Messaging: robert.gibbons.reuters.com@reuters.net)) Keywords: MARKETS ENERGY NYMEX (For help: Click 'Contact Us' in your desk top, click here or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com; +1 646-223-5546) COPYRIGHT Copyright Thomson Reuters 2009. 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.
'With the unemployment rate and the diminished GDP data, the market has to price in less hope and more reality,' said John Kilduff, partner at Round Earth Capital in New York.
The U.S. Commerce Department said on Tuesday the economy grew at a 2.8 percent annual rate, rather than the 3.5 percent pace it estimated last month.
World stocks pared losses after the Federal Reserve revised upward its growth estimates for 2010, while the dollar rose against a basket of currencies on the report showing downward revision of U.S. third-quarter GDP.
Ahead of weekly oil inventory reports, a Reuters analyst survey yielded a forecast for crude oil stockpiles to have risen 1.2 million barrels last week. Distillate stocks were expected to be down 100,000 barrels and gasoline supplies up 300,000 barrels.
The industry group American Petroleum Institute's report released on Tuesday at 4:30 p.m. EST (2130 GMT) showed crude stocks rose 3.3 million barrels to 336.4 million barrels in the week to Nov. 20 as imports jumped.
The API report showed distillate supply fell 2.4 million barrels to 166.9 million barrels and that gasoline inventories rose 1.7 million barrels to 212.2 million barrels.
The U.S. Energy Information Administration's inventory report is due at 10:30 a.m. EST (1530 GMT) on Wednesday.
The EIA natural gas storage report will arrive at noon EST (1700 GMT) on Wednesday, a day early due to Thursday's U.S. Thanksgiving Day holiday. A Reuters survey forecast natural gas storage to be up 5 billion cubic feet last week.
PRICES
* On the New York Mercantile Exchange, January crude fell $1.54, or 1.99 percent, to settle at $76.02 a barrel, trading from $75.60 to $77.80. Globex electronic trading after settlement and the API data release ended at $75.84 a barrel, down $1.72, with the range unchanged.
* In London, January Brent crude fell $1 to settle at $76.46 a barrel, trading from $76.01 to $77.84.
* NYMEX December RBOB fell 4.04 cents, or 2.04 percent, to settle at $1.9390 a gallon, trading from $1.9312 to $1.9887. Globex trading after settlement ended at $1.9322 a gallon, down 4.72 cents and the range unchanged.
* NYMEX December heating oil fell 3.02 cents, or 1.53 percent, to settle at $1.9497 a gallon, trading from $1.9345 to $1.99. Post-settlement Globex trading after the API report ended at $1.9482 a gallon, down 3.17 cents and range not widened.
* The January/January RBOB crack spread ended at $6.29, after ending at $6.41 on Monday. The January/January heating oil crack spread ended at $7.54, after ending at $7.18 on Monday.
* The spread between the current front month and the five-year forward crude contract ended at $15.18, based on the January 2014 contract Monday settlement at $91.20.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $77.95/$78.37
Technical support/resistance:
NYMEX crude: $75.00/$81.00
NYMEX heating oil: $1.96/$2.0450
NYMEX RBOB: $1.96/$2.00
For a full report on technicals, click on
MARKET NEWS
* U.S. retail gasoline demand fell 1.6 percent in the week to Nov. 20 from the prior week and was 1.4 percent lower from the year-ago period, according to a MasterCard SpendingPulse report.
* U.S. refiners have about 10 percent more crude distillation capacity than they will likely need this winter as demand continues to drop, the government's latest report on planned refinery maintenance showed.
(Reporting by Robert Gibbons; Editing by Christian Wiessner)
((robert.gibbons@thomsonreuters.com; + 1 646 223 6059; Reuters Messaging: robert.gibbons.reuters.com@reuters.net)) Keywords: MARKETS ENERGY NYMEX (For help: Click 'Contact Us' in your desk top, click here or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com; +1 646-223-5546) COPYRIGHT Copyright Thomson Reuters 2009. 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.