NEW YORK, Feb 25 (Reuters) - U.S. crude oil futures ended
more than 2 percent lower on Thursday, rattled by economic data
that raised more anxiety about the strength of the U.S.
recovery from recession.
The euro reversed losses against the dollar, trimming the
day's losses.
Earlier, the dollar was down against the euro on worries
about Greece's debt and a rise in the number of U.S. workers
seeking jobless benefits for the first time. [USD/]
Oil market sentiment remained gloomy, coming after
Wednesday's government inventory report showing a
larger-than-expected increase in domestic crude stockpiles and
a modest, if unexpected, drawdown in gasoline supplies.
"We are off the lows. But still too many economic worries
weighing on market psychology. Not a bad close overall. Closed
back above $78 and that could lead to a further rebound
tomorrow," said Tom Bentz, broker at BNP Paribas Commodity
Futures Inc in New York.
Demand for U.S. durable goods, excluding transportation,
fell unexpectedly in January, while new applications for
jobless benefits rose again last week. [ID:nN2597849]
U.S. stocks fell but were off session lows in late trading,
on the jobless benefits and durable goods data. [.N]
Oil and product futures have seen a checkered course in
recent sessions, rising for five sessions by Monday amid a
French refinery workers' strike before falling back on Tuesday
on a report of slumping consumer confidence.
The dollar's weakness plus a report of an unexpected
drawdown in weekly U.S. gasoline supplies lifted crude futures
sharply on Wednesday.
Total (TOTF.PA) said on Wednesday that five of its six
French refineries had ended the strike. [ID:nLDE61N14T]
PRICES
* On the New York Mercantile Exchange, April CLJ0 crude
settled down $1.83, or 2.29 percent, at $78.17 a barrel. It
traded from $77.05 to $80.32.
* In London, April Brent crude LCOJ0 settled down $1.80,
or 2.31 percent, at $76.29 a barrel, trading from $75.29 to
$78.42.
* NYMEX March RBOB RBH0 finished down 6.19 cents, or 2.95
percent, at $2.0370 a gallon, trading from $2.0225 to $2.1020.
* NYMEX March heating oil HOH0 ended down 5.59 cents, or
2.74 percent, at $1.9862 a gallon, trading from $1.9642 to
$2.05.
* NYMEX March refined products contracts expire on Friday.
* The April/April heating oil crack spread <0#CL-HO=R>
ended at $5.77, down from $6.26 on Wednesday. The April/April
RBOB crack spread <0#RB-CL=R> ended at $12.03, contracting from
$12.48 on Wednesday.
* The spread between the current front month and the
five-year forward crude contract CLc61 ended at $8.63,
widening from $8.13 on Wednesday. The April 2015 contract
settled on Thursday at $86.80, down $1.33, or 1.51 percent.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $78.13/$76.05
Technical support/resistance:
NYMEX crude: $78.05/$80.51
NYMEX heating oil: $2.00/$2.0913
NYMEX RBOB: $2.0025/$2.1275
For a full report on technicals, click on [ID:nLDE61O18Y]
MARKET NEWS
* France's biggest trade union on Thursday called for a
nationwide dockworkers' strike on Friday in protest against
what it called a violation of the right to strike in one port.
Employees at the Nantes/Saint-Nazaire port, one of France's
main ports for oil tankers, have been striking since Tuesday.
[ID:nLDE61O2OR]
* U.S. natural gas inventories fell last week below
year-ago levels for the first time in 13 months, the Energy
Information Administration said. [ID:nN2598331] [NGA/]
* Seaborne oil exports by OPEC, excluding Angola and
Ecuador, will fall by 290,000 barrels per day in the four weeks
to March 13, according to the latest weekly estimate from U.K.
consultancy Oil Movements. [ID:nWLB8494]
* Gasoline stored at independent tanks at Europe's oil hub
fell 21 percent over the past week due to export increases and
demand caused by the French refinery strikes. [ID:nLDE61O2CG]
