NYMEX gives back Wednesday gains

Posted by Mark Pszeniczny on May 13, 2010 8:33:00 PM

The difference in todays action than yesterdays was that RBOB and HEAT actually followed Crude in finishing lower. With NatGas inventories showing a slightly smaller injection than expected, prices were held in check for most of the morning until turning sharply negative by early afternoon. The only other major item of note was that the Jobs data released showed that the labor market is improving, but at a slower rate than anticipated. Just as is the case with everything in this business, how well we perform against expectations (whosever they may be) is used as the instrument of judgment and market direction. The lack of news hitting the wires kept the pits lower without any reason to make a run. As mentioned, we will probably be held within this 2.09 to 2.16 range until some defining news pushes us one way or another. The downside bias still exists, even with OPEC appearing to thin exports. At the Close, Crude dropped $1.25 to $74.40, showing a slight disconnect between the products. RBOB lost .0153 to $2.1951 and HEAT fell .0272 to $2.1319.

Topics: The Market, NYMEX

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