NYMEX continues rally higher

Posted by Mark Pszeniczny on Dec 2, 2010 9:53:00 PM

Speaking with an associate today we were amazed to both discover that last year at this time we over 40 cents less than now.  But that is ancient history.  Today continued yesterdays skyrocketing session that had pits touching year high levels yet again.  With Bulls jumping on reports of “Crude averaging $100 over the next year” and “home sales up 10%” it gives the much needed ammunition to buy the rumor and sell the fact.  Not that we are in the same scenario as last April, but remember HEAT touched 2.50 and then proceeded to fall to under $2, again, ancient history.  Fundamental factors appear to be creeping into the bullish sentiment.  Spot gasoline is said to be in short supply in the Northeast due to Venezuela refinery issues and distillates are being fueled by a brash of cold air heading into the Northeast.  Its hard to understand the weather issue as I still haven’t put a winter coat on.  At the close, Crude added $1.25 to $88 even.  RBOB soared another .0549 to $2.3553 and HEAT bolstered another .0490 to close at $2.4546.  Time to close our eyes and hope for a fall.

Topics: Bull Market, CRUDE, The Market, NYMEX, Venezuela Refinery

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