CORRECTED-NYMEX-Crude ends up as equities rise, dollar slips

(In story date Jan. 25, in paragraph 8, corrects to show
that U.S. heating oil demand was forecast to be 18 percent
below normal, not 2 percent)

* Wall Street up as Bernanke approval seen likely

* Dollar down against most major currencies

* Heating oil demand seen below normal this week – NWS

* U.S. crude stocks seen up, distillates down

NEW YORK, Jan 25 (BestGrowthStock) – U.S. crude oil futures settled
lower on Monday, ending a three-day losing streak, as Wall
Street rebounded, the dollar fell against most major currencies
and refined products bounced from recent losses.

U.S. stocks (Read more about the stock market today. ) moved higher as signs that Federal Reserve
Chairman Ben Bernanke would win a U.S. Senate vote for a second
term helped lift shares beaten down last week. [.N]

The U.S. dollar, which rallied late last week as nervous
investors cut holdings of higher-yield, higher-risk currencies
and assets, turned lower against most major currencies. [USD/]

Gasoline futures rose back to above $2 a barrel, amid some
refinery issues, and heating oil futures tacked on gains, on
forecasts that weekly inventory data due out in the next two
days would show that distillate inventories fell last week.

“The market’s advance was product-led,” said Tom Knight,
trader at Truman Arnold in Texarkana, Texas.

Knight also said traders reacted to the closure of the
Sabine-Neches Waterway in Port Arthur, Texas, a key shipping
channel, after an oil spill in a ship collision on Saturday.

About half of the oil spilled had been contained as of
Monday, the U.S. Coast Guard said. [ID:nN25127991]

Early pressure to the energy markets emerged from a
National Weather Service forecast that U.S. heating oil demand
this week was expected to be 18 percent below normal as
temperatures moderate in the U.S. Northeast. [ID:nN25178954]

Last week, heating oil demand was 18 percent below normal
versus a forecast of 23 percent below normal, NWS said.

A Reuters poll of analysts ahead of weekly inventory
reports forecast that crude stocks rose 1.7 million barrels in
the week to Jan. 22. Distillate stocks fell and gasoline
supplies rose, the poll showed. [EIA/S]

PRICES

* On the New York Mercantile Exchange, March crude (CLHO: )
settled up 72 cents, or 0.97 percent, at $75.26 a barrel,
trading from $74.06 to $75.42.

* In London, March Brent crude (LCOH0: ) ended up 86 cents,
or $1.18 percent, at $73.69 a barrel, trading from $72.46 to
$73.80.

* NYMEX February RBOB (RBG0: ) settled up 3.51 cents, or 1.79
percent, at $2.0008 a gallon, trading from $1.9520 to $2.0044.

* NYMEX February heating oil (HOG0: ) ended up 2.42 cents, or
1.25 percent, at $1.9658, a gallon, trading from $1.9354 to
$1.9692.

* The March/March heating oil crack spread (0#CL-HO=R: )
ended at $7.30, down from $7.48 on Friday. The March/March RBOB
crack spread (0#RB-CL=R: ) was at $8.77, up from $8.34 on Friday.

* The spread between the current front month and the
five-year forward crude contract (CLc61: ) ended at $14.30,
widening from $14.08 on Friday. The March 2015 contract settled
on Monday at $89.56, up 94 cents, or 1.06 percent.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $77.79/$79.43

Technical support/resistance:

NYMEX crude: $72.00/$76.60

NYMEX heating oil: $1.9136/$1.9696

NYMEX RBOB: $1.9372/$1.9942

For a full report on technicals, click on [ID:nLDE60O1KO]

MARKET NEWS

* Motiva had a small fire at its 220,000 barrels per day
refinery in Norco, Louisiana, on Friday, according to officials
of St. Charles Parish. [ID:nN25194789]

* U.S. Northeast temperatures were forecast to average
above normal through Thursday. [ID:nDTN848]

* Nigeria’s national oil company to raised most of its
crude official selling prices for February. [ID:nLDE60O18W]

* U.S. crude oil prices are expected to average $77.50 a
barrel in 2010, a Reuters poll showed. [ID:nLDE60L27Q]

* Sales of previously owned U.S. homes suffered a record
drop last month the lift resulting from a popular tax credit
waned. [ID:nN25221870]

Stock Basics
(Reporting by Gene Ramos and Robert Gibbons)

CORRECTED-NYMEX-Crude ends up as equities rise, dollar slips