NYMEX-Crude above $73, regains some losses after plunge
05 Februari 2010 7:42:12 (GMT+07:00)
Provided by: Reuters News
TOKYO, Feb 5 (Reuters) - U.S. crude futures edged higher
above $73 a barrel on Friday, paring some losses after posting
their steepest one-day percentage fall since July the previous
day when the dollar soared and demand concerns resurfaced.
FUNDAMENTALS
* NYMEX crude for March delivery <CLc1> was up 24 cents at
$78.38 a barrel by 0020 GMT, after plunging nearly 5 percent on
Thursday, when the dollar rose to a seven-month high against the
euro on growing concerns over the fiscal health of euro zone
countries. [nSGE613065]
The stronger dollar was not the only reason for the sell-off.
Rising U.S. unemployment claims also weighed, along with market
talk that a hedge fund had dumped a big oil position that sparked
the sell-off in crude. [nN04193637]
More than 496 million barrels worth of front-month crude oil
contracts on the New York Mercantile Exchange changed hands --
representing enough oil to meet global demand for six days -- as
volumes spiked in afternoon trade, Reuters data showed.
* The number of U.S. workers filing for jobless benefits
unexpectedly rose last week, but another big gain in productivity
in the fourth quarter offered hope that companies were closer to
adding to payrolls. [nN04233513]
MARKETS NEWS
* Japan's Nikkei average fell more than 2 percent to its
lowest in seven weeks on Friday, with exporters hurt by a
stronger yen and after escalating sovereign debt problems in
Europe and an unexpected rise in U.S. jobless claims sent Wall
Street sharply lower. [.T]
* The dollar climbed on Friday, having surged in the previous
session, as investor anxiety about a deterioration of sovereign
debt in Europe led to a sell-off in the euro and growth-linked
currencies. [FRX/]
* The Reuters-Jefferies CRB index <.CRB>, a commodities
bellwether that tracks prices across 19 futures markets, fell 2.6
percent on Thursday, its biggest daily loss in almost six months,
as crude oil slumped and gold plunged. [COM/WRAP]
DATA/EVENTS
* The following data is expected on Friday:
- U.S. Non-Farm Payrolls Data for January (1330 GMT)
- U.S. ECRI Inflation for January (1440 GMT)
- U.S. ECRI Weekly Economic Index (1530 GMT)
- U.S. Consumer Credit Data for December (2000 GMT)
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PRICES
Oil prices as of 0020 GMT
Contract Mnth Price Change | Day ago pct | MA-20*
NYMEX Contracts
US Crude MAR0 $73.38 +0.24 | -$3.84 -4.99% | $77.25
Heat Oil MAR0 193.35 -0.17 | -8.42 -4.17% | 202.55
RBOB MAR0 194.84 -0.24 | -8.54 -4.19% | 202.15
Natgas MAR0 $5.492 +0.076 | -$0.003 -0.06% | $5.529
ICE Contracts
Brent MAR0 NA | -$3.79 -4.99% | $75.67
Gasoil FEB0 NA | -$29.00 -4.70% | $614.38
Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
* = 20-day moving average for continuation month.
