REFILE-NYMEX-Crude dips in choppy trade, weighs EIA data

(Refiling to fix spelling in headline)

* EIA: crude inventories up, product supplies down

* Pace of U.S. private sector jobs losses slows in January

NEW YORK, Feb 3 (BestGrowthStock) – U.S. crude oil futures were
down in choppy trading on Wednesday as traders weighed
government data showing crude inventories rose last week while
refined product supplies fell.

Losses were limited as support came from gasoline futures
after government data showed that gasoline supplies fell,
defying forecast for an increase.

Data from the Energy Information Administration showed that
crude stocks rose by just about half the stock build reported
by industry group American Petroleum Institute late Tuesday.

The gasoline stock drawdown pushed front-month March
gasoline futures to their highest level in 10 sessions.

“We’re very bullish on the gasoline crack spread …
refiners can’t make money making gasoline and that is why
gasoline supplies fell, even with demand being down,” said
Hamza Khan, analyst at the Shorck Group, a market analysis and
capital management company in Villanova, Pennsylvania.

The distillate inventory decline lifted heating oil futures
to their highest perch in 13 sessions.

The U.S. dollar was up against a basket of currencies
[.DXY]. The euro surrendered early gains and fell against the
dollar. [USD/]

On Wall Street, slower-than-expected expansion in the
services sector and disappointing results from Pfizer and
transport companies weighed on the market. [.N]

Geopolitical considerations about Iran, Nigeria and China’s
squabbles with Washington over trade and arms sales to Taiwan
remain a concern, sources said.

PRICES

* On the New York Mercantile Exchange at noon EST (1700
GMT), March crude (CLH0: ) was down 22 cents, or 0.29 percent, at
$77.01 a barrel, trading from $76.70 to $78.04.

* In London, March Brent crude (LCOH0: ) was down 16 cents,
or 0.21 percent, at $75.90 a barrel, trading from $75.63 to
$76.99.

* NYMEX March RBOB (RBH0: ) was up 2.62 cents, or 1.3 percent
, at $2.0441 a gallon, trading from $2.0154 to $2.0662, the
highest since the $2.0689 high on Jan. 21.

* NYMEX March heating oil (HOH0: ) was down 0.7 cent, or 0.35
percent, at $2.0247 a gallon, trading from $2.0188 to $2.0574,
the highest since the Jan. 15 high of $2.0809.

* The March/March heating oil crack spread (0#CL-HO=R: ) was
at $8.03, after ending at $7.52 on Tuesday. The March/March
RBOB crack spread (0#RB-CL=R: ) was at $8.84, after ending at
$8.10 on Tuesday.

* The spread between the current front month and the
five-year forward crude contract (CLc61: ) was at $12.48, based
on the March 2015 contract Tuesday settlement at $89.49. The
spread ended Tuesday at $12.26.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $75.03/$77.79

Technical support/resistance:

NYMEX crude: $75.01/$78.00

NYMEX RBOB: $2.00/$2.06

For a full report on technicals, click on [ID:nLDE612105]

MARKET NEWS

* EIA data showed domestic crude stocks rose 2.3 million
barrels in the week to Jan. 29, much more than the
200,000-barrel build forecast, but far less than the 4.7
million barrel barrel API increase. [EIA/S]

* Stocks at the Cushing, Oklahoma, NYMEX delivery hub fell
1.0 million barrels to 32.0 million barrels.

* Distillate supplies fell 1.0 million barrels, matching
the API’s data and just above the 1.1 million barrel drop
forecast. * Gasoline stocks dropped 1.3 million barrels,
opposite the forecast for a 1.3 million barrel increase, and
just below the 1.2 million barrel API drawdown.

* Refinery utilization was down 0.8 percentage point at
77.7 percent of capacity, the lowest level since the 1990s, not
including hurricane-related declines.

* Saudi Arabia has cut the official selling price of Arab
Light crude in March to customers in Asia and the United
States, state oil company Aramco said. [ID:nWLB6710]

* TAKE A LOOK-Turmoil in Nigeria [ID:nLDE60I2AM]

Stock Market Report

(Reporting by Gene Ramos and Robert Gibbons; Editing by Walter
Bagley)

REFILE-NYMEX-Crude dips in choppy trade, weighs EIA data