NYMEX-Crude up on jobs data, supply fears over Iran

Fri Dec 2, 2011 10:28pm GMT
 

* Unemployment rate drops to 8.6 pct from 9 percent
    * Iran geopolitical tensions raise supply risk fears
    * CFTC-Specs raise oil net longs in week to Nov. 29
    NEW YORK, Dec 2 (Reuters) - U.S. crude futures rose on
Friday as the U.S. unemployment rate fell to a 2-1/2 year low,
seen supportive for demand, and on geopolitical tensions over
Iran's nuclear program, stoking supply disruption worries.
    U.S. crude posted its first weekly gain in three weeks,
despite persistent worries about the euro zone debt crisis and
data midweek showing a surprise big increase in domestic crude
inventories last week.
    The day's high of $101.56 penetrated technical resistance
at $101.52, signaling a potential further gain to $102.88,
according to Reuters technical analyst Wang Tao.
    RBOB gasoline futures rose more than 2 percent, leading the
energy complex, on follow-through buying after late Thursday's
disclosure by Sunoco Inc. that it was shutting down one
of its East Coast refineries while it waited for a buyer to
step forward.
    The U.S. unemployment rate fell to 8.6 percent in November,
a 2-1/2 year low, from 9.0 percent in October, the biggest
decline since January, the U.S. Labor Department said.
    Nonfarm payrolls rose 120,000, with private sector jobs up
140,000 and government jobs down 20,000. Despite the data, the
pace of hiring remained too slow to significantly quicken the
economic recovery, analysts said.
    Rising tensions between western governments and Iran, the
world's fifth biggest oil exporter, have kept oil prices
rising, despite signs of weakening economy in Europe and slower
factory activity in China, the No. 2 oil consumer.
    In other news, two major financial trade groups sued the
Commodity Futures Trading Commission, which regulates U.S.
futures markets, over new rules to crack down on commodity
speculation.
    FUNDAMENTALS
    * NYMEX January crude settled at $100.96 a barrel,
gaining 76 cents, or 0.76 percent.UPCOMING DATA/EVENTS
   * Institute of Supply Management non-manufacturing index for
November, 10 a.m. EST (1500 GMT), Monday.
   * U.S. factory orders and durable goods for October, 10 a.m.
EST (1500 GMT), Monday.
       SETTLE     NET    PCT     LOW    HIGH  CURRENT  DAY AGO
                 CHNG   CHNG                      VOL      VOL
CLc1   100.96    0.76   0.8%   99.76  101.56  231,454  275,858
CLc2   101.09    0.76   0.8%   99.89  101.68   51,874   72,214
LCOc1  109.94    0.95   0.9%  108.62  110.41  151,940  182,388
RBc1   2.6162  0.0583   2.3%  2.5823  2.6500   42,421   45,256
RBc2   2.6224  0.0499   1.9%  2.5896  2.6478   24,378   25,740
HOc1   2.9900  0.0205   0.7%  2.9679  3.0286   42,919   82,973
HOc2   2.9999  0.0185   0.6%  2.9775  3.0348   20,932   37,734
TOTAL MARKET            VOLUME                 OPEN  INTEREST
             CURRENT    Dec 01   30D AVG     Dec 01  NET CHNG
CRUDE        437,233   544,164   657,485  1,310,747    -7,257
RBOB         129,485   124,250   133,597    266,266       207
HO           101,815   193,666   142,196    271,199       602
 
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