Futures soar after Holiday

Posted by Mark Pszeniczny on Nov 29, 2010 9:51:00 PM

NYMEX futures reached their highest levels in almost two weeks.  On the heels of a pre Thanksgiving jump, players got right back at where they left off on Wednesday.  Pushing values higher were news of Ireland accepting bailout funds over the weekend and as well as preliminary estimates of better than expected Black Friday and Cyber Monday sales.  To which I estimate my wife’s contribution to be half!  Despite the Dollar gaining against the world basket, NYMEX values continued higher all day without any regard.  The mild correction seen over the last two weeks appears to be stalled as Crude failed to break $80 and HEAT never got below the 2.23 level.  The HEAT pit looks to be comfortable trading in the 2.25 to 2.45 range.  With the bounce tied to an improving economic picture, it will be interesting to see how the markets react to consumer confidence news scheduled to be out Tuesday.  At the close, Crude $1.97 to $85.73, RBOB skyrocketed .0743 to $2.2846 and HEAT jumped .0419 to $2.3581.

Topics: HEAT, The Market, NYMEX, Futures Soar, Ireland Bailout

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