NYMEX Oil Futures Extend Rally after EIA Supply Data

    

   NEW YORK (DTN) -- New York Mercantile Exchange oil futures rallied further 
after fresh data from the government showed a bigger-than-expected drawdown for 
U.S. crude stockpiles and higher refinery runs.

   At 11:15 AM ET, October NYMEX WTI crude futures were up $1.11 at $75.78 bbl 
after rising to a three-week high on the spot continuation chart of $75.96. The 
contract threatens to break above resistance at $76.00.

   In products trade, October NYMEX No. 2 heating oil futures were up 2.14cts 
at $2.1031 gal after cracking through initial resistance near $2.1020 and 
trading to a one-month high on the spot continuation chart of $2.1067. October 
NYMEX RBOB gasoline futures were up 2.33cts at $1.9627 gal. 

   The Energy Information Administration released data a short while ago 
showing commercial crude supplies fell 1.9 million bbl in the week-ended Sept. 
3, while gasoline supplies fell 242,992 bbl and distillate fuels dropped 
388,000 bbl.

   The EIA was less bullish on crude compared to the figures reported Wednesday 
by the American Petroleum Institute. However, the EIA data on product 
inventories were more bullish, showing that distillate fuel supplies fell 
instead of rising by 1.0 million bbl as expected. Gasoline data came within 
expectations.

   Oil and equities were already buoyed earlier in the morning by 
better-than-expected U.S. economic data. 

   George Orwel, 1.718.522.3969, george.orwel@telventdtn.com, Telvent DTN, 
www.telventdtn.com. (c) 2010 Telvent DTN. All rights reserved.