NYMEX finds strength to move higher

Posted by Mark Pszeniczny on Jan 18, 2011 10:04:00 PM

As many New Englanders try to find meaning of our meager existence without any football to watch for the next month, reality got slightly worse as we all tried to commute this morning in snow, sleet and rain. The market reacted strongly early on in the session pushing values up over two cents. As the day progressed, eyes shifted towards this week inventories. While Crude is expected to show slight draws, the products are expected to show moderate builds. The news appeared to be just enough to keep values from soaring to 18 month highs. Somewhat surprising was that the reopening of the Alaskan pipeline did not have the same downward effect as the shutting down did to the upside. Bulls appear to be in control for the short term, as the 15 cent jump in value in the last week exemplifies. We thought we peaked out at the 2.55 level on HEAT, only to move higher. Is 2.75 in the cards? The mixed close suggest otherwise, but we heard that song before. Crude closed down .16 to $91.38, RBOB lost .0154 to $2.4792 and HEAT rose .0007 to $2.6459.

Topics: The Market, NYMEX, Alaska Pipeline

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