NEW YORK, Feb 1 (Reuters) - U.S. crude futures ended higher
on Monday, lifted by the dollar's weakness versus the euro,
data showing a stronger U.S. manufacturing sector and a report
of consumer spending edging up in January.
'Looks like the manufacturing data helped move crude up on top of the lift from the dollar's weakness against the euro and consumer spending being up,' said Tom Bentz, analyst at BNP Paribas Commodity Futures Inc in New York.
Sources also noted the recent cold weather that helped firm heating oil futures and also infrastructure disruptions in Nigeria.
'Heating oil is being helped by the cold temperatures in the Northeast. But I think a number of markets are expressing relief that after last week's performance we didn't come in this week and move lower,' said Tim Evans, energy analyst for Citi Futures Perspective in New York.
Crude futures ended January on Friday down $6.47, or 8.15 percent for the month from December.
The U.S. manufacturing sector grew in January and at a faster rate than expected, according to an industry report on Monday. The index reading from the Institute for Supply Management was the highest since August 2004.
A stronger-than-expected euro zone purchasing managers index report pushed the euro higher against the dollar.
U.S. stocks rose on Monday as better-than-expected data on the manufacturing sector and earnings from Exxon Mobil revived bullish sentiment after stocks closed out their worst month in almost a year.
PRICES
* On the New York Mercantile Exchange, March crude rose $1.54, or 2.11 percent, to settle at $74.43 a barrel. Monday's low was $72.49 and the high trade struck in post-settlement trading was $74.99.
* In London, March Brent crude rose $1.65 to settle at $73.11 a barrel, trading from $71.13 to $73.65.
* NYMEX March RBOB rose 1.87 cents, or 0.98 percent, at $1.9321 a gallon, trading from $1.8973 to $1.9475.
* NYMEX March heating oil rose 4.19 cents, or 2.19 percent, to settle at $1.9549 a gallon, trading from $1.9085 to $1.9698.
* The March/March heating oil crack spread ended at $7.68. It ended at $7.45 on Friday. The March/March RBOB crack spread ended at $6.72. It ended at $7.47 on Friday.
* The spread between the current front month and the five-year forward crude contract ended at $13.85, based on the March 2015 contract Monday settlement at $88.28.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $75.07/$78.14
For a full report on technicals, click on
MARKET NEWS
* U.S. consumer spending rose but less than expected in January as savings rose to a six-month high.
* U.S. crude oil inventories were expected to be slightly lower last week, according to a Monday survey. Distillates stocks were seen lower and gasoline stocks higher.
* February got off to a below-freezing start in the U.S. Northeast.
* Nigeria's main militant group said it was not directly responsible for sabotage of an oil pipeline.
* Colonial Pipeline said it froze Cycle 9 nominations on its main gasoline line.
* A U.S. attempt to down a missile mimicking an attack from Iran failed, the Defense Department said.
(Reporting by Robert Gibbons; Editing by Walter Bagley) 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.
'Looks like the manufacturing data helped move crude up on top of the lift from the dollar's weakness against the euro and consumer spending being up,' said Tom Bentz, analyst at BNP Paribas Commodity Futures Inc in New York.
Sources also noted the recent cold weather that helped firm heating oil futures and also infrastructure disruptions in Nigeria.
'Heating oil is being helped by the cold temperatures in the Northeast. But I think a number of markets are expressing relief that after last week's performance we didn't come in this week and move lower,' said Tim Evans, energy analyst for Citi Futures Perspective in New York.
Crude futures ended January on Friday down $6.47, or 8.15 percent for the month from December.
The U.S. manufacturing sector grew in January and at a faster rate than expected, according to an industry report on Monday. The index reading from the Institute for Supply Management was the highest since August 2004.
A stronger-than-expected euro zone purchasing managers index report pushed the euro higher against the dollar.
U.S. stocks rose on Monday as better-than-expected data on the manufacturing sector and earnings from Exxon Mobil revived bullish sentiment after stocks closed out their worst month in almost a year.
PRICES
* On the New York Mercantile Exchange, March crude rose $1.54, or 2.11 percent, to settle at $74.43 a barrel. Monday's low was $72.49 and the high trade struck in post-settlement trading was $74.99.
* In London, March Brent crude rose $1.65 to settle at $73.11 a barrel, trading from $71.13 to $73.65.
* NYMEX March RBOB rose 1.87 cents, or 0.98 percent, at $1.9321 a gallon, trading from $1.8973 to $1.9475.
* NYMEX March heating oil rose 4.19 cents, or 2.19 percent, to settle at $1.9549 a gallon, trading from $1.9085 to $1.9698.
* The March/March heating oil crack spread ended at $7.68. It ended at $7.45 on Friday. The March/March RBOB crack spread ended at $6.72. It ended at $7.47 on Friday.
* The spread between the current front month and the five-year forward crude contract ended at $13.85, based on the March 2015 contract Monday settlement at $88.28.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $75.07/$78.14
For a full report on technicals, click on
MARKET NEWS
* U.S. consumer spending rose but less than expected in January as savings rose to a six-month high.
* U.S. crude oil inventories were expected to be slightly lower last week, according to a Monday survey. Distillates stocks were seen lower and gasoline stocks higher.
* February got off to a below-freezing start in the U.S. Northeast.
* Nigeria's main militant group said it was not directly responsible for sabotage of an oil pipeline.
* Colonial Pipeline said it froze Cycle 9 nominations on its main gasoline line.
* A U.S. attempt to down a missile mimicking an attack from Iran failed, the Defense Department said.
(Reporting by Robert Gibbons; Editing by Walter Bagley) 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.