NEW YORK, Dec 1 (Reuters) - U.S. crude futures pared gains
in post-settlement trading on Tuesday after industry data
showed that domestic crude stocks rose much more than expected
last week.
Heating oil futures trimmed gains as the data from the American Petroleum Institute showed that distillate stocks -- which include heating oil and diesel fuel -- rose, against the forecast that supplies fell.
Gasoline futures' gains shrank as the API data showed stocks increased much more than forecast.
The API said that in the week to Nov. 27, crude stocks rose 2.9 million barrels, dwarfing the forecast in a Reuters poll for a 400,000 barrel increase.
Distillate stocks rose 1.1 million barrels, defying the forecast that supplies fell 300,000 barrels.
Gasoline stocks jumped 3.4 million barrels against the forecast for just a 1.0 million barrel increase.
Earlier, crude futures settled higher as the dollar weakened further and worries about Dubai's debt faded.
Oil markets also got a lift from forecasts of stronger growth in China and economic data raising more hopes for a U.S. economic recovery.
'The API data showing domestic crude and refined products were up last week should not be a surprise as they reflect weak demand, which I think has softened further last month,' said Phil Flynn, analyst at PFGBest Research in Chicago.
'At this point, the U.S. is amply supplied with petroleum products. Temperatures continue to be warm, and should we get some real cold weather we have enough heating oil supplies,' he added.
The U.S. Energy Information Administration will issue its own data on Wednesday, at 10:30 a.m. EST (1530 GMT).
On Wall Street, the Dow Jones Industrials Average climbed to its highest close in 14 months as the weak dollar lifted natural resource share prices and economic data reinforced hopes for a sustainable economic recovery.
For a full report on the day's home sales and manufacturing data, see
A pair of business surveys said China's economy is ending the year on a strong note.
PRICES
* On the New York Mercantile Exchange at 5 p.m. EST (2200 GMT), January crude was up 55 cents, or 0.71 percent, at $77.83 a barrel. It earlier settled up $1.09, or 1.41 percent, at $78.37, trading from $77.01 to $79.04.
* In London, January Brent crude was up 39 cents, or 0.5 percent, at $78.86 a barrel. It had settled up 88 cents, or 1.12 percent, at $79.35, trading from $78.25 to $79.91.
* NYMEX January RBOB was up 1.30 cents, or 0.65 percent, at $2.0245 a gallon. It had settled up 3.08 cents, or 1.53 percent, at $2.0423, trading from $2.01 to $2.0615.
* NYMEX January heating oil was up 1.41 cents, or 0.69 percent, at $2.0620 a gallon. It had settled up 3.01 cents, or 1.47 percent, at $2.0780, trading $2.0435 to $2.0968.
* The January/January RBOB crack spread ended at $7.41, up from $7.20 on Monday. The January/January heating oil crack spread ended at $8.91, rising from $8.73 on Monday.
* The spread between the current front month and the five-year forward crude contract ended at $16.45, contracting from $17.13 on Monday. The January 2015 contract settled Tuesday at $94.82, up 41 cents, or 0.43 percent.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $77.30/$77.98
Technical support/resistance:
NYMEX crude: $75.80/$80.00
NYMEX heating oil: $1.9605/$2.0905
NYMEX RBOB: $1.9425/$2.0615
For a full report on technicals, click on
MARKET NEWS
* U.S. retail gasoline demand last week rose 3.1 percent from the previous week as Thanksgiving holiday traffic raised demand, a MasterCard SpendingPulse report showed.
* Serious measures against five detained British yachtsmen will be taken if it proves they had 'evil intentions,' an aide to Iranian President Mahmoud Ahmadinejad said.
* OPEC is unlikely to raise the producer group's oil output ceiling when it meets this month, Iranian Oil Minister Massoud Mirkazemi said.
(Reporting by Gene Ramos and Robert Gibbons)
((gene.ramos@thomsonreuters.com; + 1 646 223 6054; Reuters Messaging: gene.ramos.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.
Heating oil futures trimmed gains as the data from the American Petroleum Institute showed that distillate stocks -- which include heating oil and diesel fuel -- rose, against the forecast that supplies fell.
Gasoline futures' gains shrank as the API data showed stocks increased much more than forecast.
The API said that in the week to Nov. 27, crude stocks rose 2.9 million barrels, dwarfing the forecast in a Reuters poll for a 400,000 barrel increase.
Distillate stocks rose 1.1 million barrels, defying the forecast that supplies fell 300,000 barrels.
Gasoline stocks jumped 3.4 million barrels against the forecast for just a 1.0 million barrel increase.
Earlier, crude futures settled higher as the dollar weakened further and worries about Dubai's debt faded.
Oil markets also got a lift from forecasts of stronger growth in China and economic data raising more hopes for a U.S. economic recovery.
'The API data showing domestic crude and refined products were up last week should not be a surprise as they reflect weak demand, which I think has softened further last month,' said Phil Flynn, analyst at PFGBest Research in Chicago.
'At this point, the U.S. is amply supplied with petroleum products. Temperatures continue to be warm, and should we get some real cold weather we have enough heating oil supplies,' he added.
The U.S. Energy Information Administration will issue its own data on Wednesday, at 10:30 a.m. EST (1530 GMT).
On Wall Street, the Dow Jones Industrials Average climbed to its highest close in 14 months as the weak dollar lifted natural resource share prices and economic data reinforced hopes for a sustainable economic recovery.
For a full report on the day's home sales and manufacturing data, see
A pair of business surveys said China's economy is ending the year on a strong note.
PRICES
* On the New York Mercantile Exchange at 5 p.m. EST (2200 GMT), January crude was up 55 cents, or 0.71 percent, at $77.83 a barrel. It earlier settled up $1.09, or 1.41 percent, at $78.37, trading from $77.01 to $79.04.
* In London, January Brent crude was up 39 cents, or 0.5 percent, at $78.86 a barrel. It had settled up 88 cents, or 1.12 percent, at $79.35, trading from $78.25 to $79.91.
* NYMEX January RBOB was up 1.30 cents, or 0.65 percent, at $2.0245 a gallon. It had settled up 3.08 cents, or 1.53 percent, at $2.0423, trading from $2.01 to $2.0615.
* NYMEX January heating oil was up 1.41 cents, or 0.69 percent, at $2.0620 a gallon. It had settled up 3.01 cents, or 1.47 percent, at $2.0780, trading $2.0435 to $2.0968.
* The January/January RBOB crack spread ended at $7.41, up from $7.20 on Monday. The January/January heating oil crack spread ended at $8.91, rising from $8.73 on Monday.
* The spread between the current front month and the five-year forward crude contract ended at $16.45, contracting from $17.13 on Monday. The January 2015 contract settled Tuesday at $94.82, up 41 cents, or 0.43 percent.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $77.30/$77.98
Technical support/resistance:
NYMEX crude: $75.80/$80.00
NYMEX heating oil: $1.9605/$2.0905
NYMEX RBOB: $1.9425/$2.0615
For a full report on technicals, click on
MARKET NEWS
* U.S. retail gasoline demand last week rose 3.1 percent from the previous week as Thanksgiving holiday traffic raised demand, a MasterCard SpendingPulse report showed.
* Serious measures against five detained British yachtsmen will be taken if it proves they had 'evil intentions,' an aide to Iranian President Mahmoud Ahmadinejad said.
* OPEC is unlikely to raise the producer group's oil output ceiling when it meets this month, Iranian Oil Minister Massoud Mirkazemi said.
(Reporting by Gene Ramos and Robert Gibbons)
((gene.ramos@thomsonreuters.com; + 1 646 223 6054; Reuters Messaging: gene.ramos.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.