NYMEX-Crude choppy, pares gain as data disappoints

* Euro reverses vs dollar, helps pull oil off high

* Economic data disappoints, weighs on oil

* Coming up: NYMEX June products contract expiry

NEW YORK, May 28 (BestGrowthStock) – U.S. crude oil futures pared
its gains in choppy trading on Friday, even briefly turning
negative as Wall Street opened weaker, the euro pared its rise
against the dollar and economic data disappointed.

“The consumer spending numbers were not great and
yesterday’s big move up may have been exaggerated by
short-covering ahead of the holiday weekend. The June products
expiration may add to the volatility,” said Phil Flynn, analyst
at PFGBest Research in Chicago.

U.S. consumer spending was unexpectedly flat in April, but
real disposable incomes had their biggest increase in nearly a
year, a Commerce Department report said. [ID:nN28167458]

U.S. stocks (Read more about the stock market today. ) opened lower and held their losses on Friday
after the Institute for Supply Management-Chicago said its
index of Midwest business activity fell in May. [.N]

Business activity in the U.S. Midwest grew less than
expected in May as employment declined, an ISM-Chicago report
said. [ID:nN28179473]

The dollar trimmed gains against the euro after the Midwest
business activity report. [USD/] The dollar index (Read more about the global trade. ) (.DXY: ) was
stronger against a basket of currencies.

Earlier on Friday, crude futures were up sharply as world
equities rose a third consecutive day and the euro edged up
against the dollar as investors refrained from betting on
further trouble in the euro zone’s debt crisis ahead of a U.S.
holiday.

U.S. crude oil futures jumped more than $3 on Thursday,
gaining more than 4 percent for a second straight day as
equities markets rallied on revived risk appetite.

PRICES

* On the New York Mercantile Exchange at 10:22 a.m. EDT
(1422 GMT), front-month July crude (CLN0: ) was up 38 cents, or
0.51 percent, at $74.93 a barrel, trading from $73.86 to
$75.72.

* The $64.24 intraday low on May 20, which was the weakest
front-month price since $62.76, was struck on July 30, 2009.
The 2010 peak of $87.15 was struck on May 3.

* In London on the Intercontinental Exchange, July Brent
crude (LCON0: ) rose 35 cents, or 0.47 percent, at $75.01 a
barrel, seesawing between $74.05 to $75.74.

* NYMEX June refined products contracts expire on Friday.

* NYMEX June RBOB (RBM0: ) rose 1.14 cents, or 0.56 percent,
to $2.0503 a gallon, trading from $2.0274 to $2.0526.

* NYMEX June heating oil (HOM0: ) rose 1.85 cents, or 0.93
percent, to $2.0179 a gallon, trading from $1.9970 to $2.0303.

* The July/July heating oil crack spread (0#CL-HO=R: ) was at
$10.23 a barrel. The spread ended Thursday at $9.86. The
July/July RBOB crack spread (0#RB-CL=R: ) was at $10.91. The
spread ended Thursday at $10.94.

* The spread between the current front month and the
five-year forward crude contract (CLc61: ) was at $12.32, based
on the July 2015 contract Thursday settlement at $87.25. The
spread ended on Thursday at $12.70.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $70.78/$74.19

Technical support/resistance:

NYMEX crude: $71.50/$75.75

NYMEX heating oil: $1.96/$2.04

NYMEX RBOB: $2.00/$2.1010

For a full report on technicals, click on [ID:nLDE64R0ZO]

MARKET NEWS

* Trans Alaska Pipeline, shut down since Tuesday, expects
to restart the system late Thursday or early Friday, a company
spokeswoman said. [ID:nN27146863]

* OPEC’s crude oil basket price rose to $70.48 a barrel on
Thursday from $68.21 on Wednesday, OPEC said. [ID:nLDE64R0FD]

Stock Market News

(Reporting by Robert Gibbons; Editing by Lisa Shumaker)

NYMEX-Crude choppy, pares gain as data disappoints