Futures slip in light volume

Posted by Mark Pszeniczny on Dec 29, 2010 10:00:00 PM

Today’s NYMEX action could be characterized as being at a 4-way stop sign with every car staring at the other to see who is going to move first, and nobody moves.  What started out looking like a good down day after touching some yearly highs, and every news outlet letting us know, the market came back slightly and stayed relatively flat all day.  News was light today as the only market pushing piece was that December consumer confidence slipped slightly.  With Inventories set to report on Thursday due to the Holiday, expectations are again for draws in all products with support coming from colder weather across much of the nation and increase driving for the holiday.  Again, there is nothing earth shattering about this, just a simpletons answer.  The million dollar question remains do we move higher or lower from here.  Unfortunately most still have not forgotten December of 2007 when we were right around the same level before we skyrocketed $1.50 higher on HEAT to over $4.  At the close Crude fell .37 to $91.12, still above the psychological $90 line.   HEAT lost 28 points to $2.5215 and RBOB led the charge falling .0152 to $2.3904.  Remember Friday is a full trading day but expect little volume.

Topics: The Market, NYMEX, Inventory Draws

Recent Posts

Posts by Topic

see all