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Heating Oil Pops on Weak Dollar: Market Bits

Devon Energy (DVN) was falling 0.1% to $91.50, Newfield Exploration (NFX) was flat at $76.14, Cheniere Energy Partners (CQP) was rising 1.3% to $19.10, Cheniere Energy (LNG) was falling 1.1% to $9.28, EOG Resources (EOG) was down 0.3% to $118.83, BP (BP) was down 0.9% to $44.17 and Southwestern Energy (SWN) was 0.8% lower at $42.89.

(Published at 10:26 a.m. ET)

Cotton futures have broken a three-day losing streak after expected plantings turned out to be substantially less than industry estimates.

"The USDA survey of producers showed that they intend on planting less acres to cotton than had been anticipated by the market," said veteran cotton analyst Mike Stevens.

Cotton for May delivery was rising 2.3% to $1.98 a pound. The iPath Dow Jones-UBS Cotton Subindex Total Return ETN (BAL) was up 1.4% to $102.29.

The U.S. Department of Agriculture reported 12.6 million acres of cotton plantings for the 2011 to 2012 period. This is a substantial improvement from the year before, but 500,000 acres below the industry consensus.

"Consequently, new crop contracts are leading the charge higher," explained Andy Ryan, senior risk management consultant at FCStone Fibers & Textiles.

The analyst said cotton was holding just above major technical support.

Apparel companies that are heavy users of cotton tumbled in morning trading.

Hanesbrands (HBI) was falling 2.2% to $26.88, Gap (GPS) was falling 0.2% to $22.59 and Limited Brands (LTD) was down 1.7% to $32.66.

Jones Apparel (JNY) was down 0.4% to $13.69, V.F. Corporation (VFC) was falling 2% to $97.19 and True Religion Apparel (TRLG) was lower by 2.1% to $23.28.

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-- Written by Andrea Tse in New York.

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Copyright 2010 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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