NYMEX-Crude up on risk appetite, revived optimism

* Equities bounce, weak dollar help lift oil

* Inventory reports expected to show stock builds

* Coming up: NYMEX May crude contract expiry on Tuesday

NEW YORK, April 20 (BestGrowthStock) – U.S. crude oil futures rose
more than 2 percent on Tuesday as risk appetite returned,
weakening the dollar and boosting equities as positive
corporate earnings news helped revive optimism about recovery.

The U.S. May crude oil contract expires at the end of
Tuesday’s trading session as crude oil futures tried to break a
string of three consecutive lower settlements.

The U.S. dollar and yen slipped as global risk appetite
improved after robust first-quarter U.S. earnings and
expectations of rate increases in Australia and Canada. [USD/]

U.S. equities edged higher as a wave of companies reported
quarterly results, though some failed to beat heightened
expectations. [USD/]

“Crude futures are up, tracking equities, which are a
little stronger. Also, there was no technical follow-through
after May crude hit a low at around $80.50 on Monday. That
helped create the bounce we are seeing today,” said Tom Knight,
trader at Truman Arnold in Texarkana, Texas.

Goldman Sachs Group Inc (GS.N: ) said first-quarter earnings
nearly doubled. [ID:nN20251740] But Britain’s financial
regulator launched a formal probe related to civil fraud
allegations against the bank.

Support for oil came from news some European airports
reopened on after five days of having air traffic halted by
volcanic ash, but much airspace remained shut. [ID:nLDE63I2FA]

Ahead of weekly U.S. oil inventory reports, a Reuters
survey of analysts on Monday yielded a forecast for crude oil
and refined products stocks to have risen last week. [EIA/S]

The American Petroleum Institute’s inventory report is due
at 4:30 p.m. EDT (2020 GMT) on Tuesday. The U.S. Energy
Information Administration’s report is set for release on
Wednesday at 10:30 a.m. EDT (1430 GMT).

PRICES

* On the New York Mercantile Exchange at 12:44 p.m. EDT
(1644 GMT), May (CLK0: ) crude was up $1.80, or 2.21 percent, at
$83.25 a barrel, trading from $81.51 to $83.47.

* NYMEX June crude (CLM0: ) was up $1.07 cents, or 1.29
percent, at $84.20 a barrel.

* In London on the Intercontinental Exchange, June Brent
crude (LCOM0: ) rose 88 cents, or 1.04 percent, to $85.11 a
barrel, trading from $84.48 to $85.50.

* NYMEX May RBOB (RBK0: ) rose 3.56 cents, or 1.58 percent,
to $2.29 a gallon, trading from $2.2557 to $2.3016.

* NYMEX May heating oil (HOK0: ) rose 2.82 cents, or 1.31
percent, to $2.1850 a gallon, trading from $2.1620 to $2.1925.

* The May/May heating oil crack spread (0#CL-HO=R: ) was at
$8.46. It ended Monday at $9.13. The May/May RBOB crack spread
(0#RB-CL=R: ) was at $12.87. It ended Monday at $13.23.

* The spread between the current front month and the
five-year forward crude contract (CLc61: ) was at $8.88, based on
the May 2015 contract Monday settlement at $92.13. The spread
ended Monday at $10.68.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $84.32/$83.65

Technical support/resistance:

NYMEX crude: $81.45/$83.65

NYMEX heating oil: $2.18/$2.25

NYMEX RBOB: $2.20/$2.30

For a full report on technicals, click on [ID:nLDE63J1EC]

MARKET NEWS

* U.S. highway travel was down 2.9 percent in February from
a year earlier, the government said. [ID:nWBT013816]

* Colonial Pipeline said it was freezing nominations for
cycles 21 through 24 on its Georgia-to-Tennessee distillates
line as demand for space exceeded capacity. [ID:nN20101198]

* Europe’s jet fuel demand is expected to fall by 22
percent in April, JP Morgan said Tuesday. [ID:nN20255633]

Stock Today

(Reporting by Robert Gibbons and Gene Ramos; Editing by David
Gregorio)

NYMEX-Crude up on risk appetite, revived optimism