Sell off fails to materialize, prices dip

Posted by Mark Pszeniczny on Dec 6, 2010 9:54:00 PM

While I was watching FED Chairman on 60 minutes last night it occurred to me very early in the interview: Bernanke was very, very nervous.  Something I have never seen before, even in the midst of the crisis.  Furthermore, comments made about how our Nation’s economy was still “struggling to sustain itself”  appeared to rattle overnight investors.  Early session buyers flooded the market.  Yet in typical fashion, HEAT pits were unable to cross the $2.50 level which has held as the yearly high.  Keeping some pressure on HEAT was also the regions first shot of cold and wintery weather.  Both Maine and Southern Connecticut got hit along with areas in Eastern NY.  You won’t find many in our industry cursing the weather as it has been long over due.  Still many are keeping watchful eyes on their thermostats and purse strings as the recent Jobs report solidified a somewhat HO-HUM near term picture that our economy is not out of the woods yet.  $3 retail gasoline is not helping anyone out to boot!  At the close, Crude edge slightly higher to $89.38 gaining .19, RBOB lost .0104 to $2.3417 and HEAT fell .0117 to $2.4757.

Topics: Bernanke, Jobless numbers, HEAT, RBOB

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