NYMEX-Crude gets lift from Wall St, awaits data

* Wall Street opens higher, helps lift crude oil

* POLL: U.S. crude stockpiles down last week

* NHC: Tropical depression likely in next two days

* Coming up: API oil data 4:30 p.m. EDT (2030 GMT)

NEW YORK, July 7 (BestGrowthStock) – U.S. crude oil futures rose
more than 2 percent on Wednesday, lifted by surging equities on
Wall Street as traders girded for weekly inventory reports
expected to show a heavy drawdown in crude inventories.

Traders were also were closely monitoring a potential
tropical depression that government storm trackers said could
hit the southern Gulf of Mexico in the next two days.

“The petroleum markets are taking another look at the
upside, showing some resilience after a similar attempt on
Tuesday was rebuffed,” said Tim Evans, an analyst at Citi
Futures Perspective in New York.

“Expectations that crude oil stocks likely fell last week
were a support for the market as was a steady tone in global
equity markets,” he added.

This week’s U.S. petroleum inventory reports were forecast
to show that domestic crude stocks fell by 2.6 million barrels
in the week to July 2, according to a preliminary Reuters poll
of analysts on Tuesday. [EIA/S]

The poll also forecast a rise of 1.5 million barrels in
distillate stocks and a decline of 300,000 barrels in gasoline
supplies.

The industry group American Petroleum Institute will
release its report at 4:30 p.m (2030 GMT) and the federal
Energy Information Administration will follow with its data at
11 a.m. EDT on Thursday. Both reports were delayed a day due to
the U.S. Independence Day holiday on Monday.

U.S. stocks (Read more about the stock market today. ) rose at the open on Wednesday, lifted by gains
in bank shares [.N]

In the currency markets, the euro fell (Read more about the trembling euro. ) from seven-week
highs against the dollar on concerns about the growth outlook
for the global economy. [USD/] The U.S. dollar was flat against
a basket of currencies. [.DXY]

A tropical depression could form over the southern Gulf of
Mexico during the next couple of days, the U.S. National
Hurricane Center said on Wednesday. [ID:nN07141649]

The NHC gave the low pressure system a medium 40 percent
chance of strengthening into a depression.

Crude oil futures stalled on Wednesday as a failure to hold
onto early gains in the previous session highlighted the
strength of downward momentum in the market, technical analysts
said.

PRICES

* On the New York Mercantile Exchange at 10:15 a.m. (1415
GMT), August crude (CLQ0: ) was up $1.48, or 2.06 percent, at
$73.46 a barrel, trading from $71.44 to $73.60.

* In London on the Intercontinental Exchange, August Brent
crude (LCOQ0: ) gained $1.49, or 2.09 percent, at $73.46 a
barrel, trading from $70.88 to $73.60.

* NYMEX August RBOB (RBQ0: ) rose 4.40 cents, or 2.23
percent, at $2.0153 a gallon, trading from $1.9590 to $2.0184.

* NYMEX August heating oil (HOQ0: ) was up 4.92 cents, or
2.57 percent, at $1.9664 a gallon, trading from $1.9115 to
$1.97.

* The August/August heating oil crack spread (0#CL-HO=R: )
was at $9.15, after ending at $8.54 on Tuesday. The
August/August RBOB crack spread (0#RB-CL=R: ) was at $11.18,
after closing at $10.81 on Tuesday.

* The spread between the current front month and the
five-year forward crude contract (CLc61: ), based on Tuesday’s
settlement, was at $9.91, after ending at $11.39 on Tuesday.
The August 2015 contract settled on Tuesday at $83.37, up 72
cents, or 0.87 percent.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $75.04/$75.64

Technical support/resistance:

NYMEX crude: $71.02/$73.63

NYMEX heating oil: $1.8865/$1.9650

NYMEX RBOB: $1.9440/$2.0535

For a full report on technicals, click on [ID:nLDE6660XL]

MARKET NEWS

* China’s economy (Read more about the fastest growing economy.) is slowing moderately in response to a
slew of government curbs on the property market and bank
lending, according to a Reuters poll released on Wednesday.
[ID:TOE666067]

* Exxon Mobil (XOM.N: ) has began evacuation of nonessential
personnel from offshore Gulf of Mexico facilities ahead of the
tropical disturbance. [ID:nN07135509]
(Reporting by Gene Ramos; Editing by Walter Bagley)

NYMEX-Crude gets lift from Wall St, awaits data