Crude rises as Products sell off late

Posted by Mark Pszeniczny on Mar 8, 2011 10:10:00 PM

Yet again the early morning fake out had most running to the racks early in the day. Overnight action had both products up over four cents with the ongoing Libyan situation heading closer a full out Civil War. Depending on who and when you are watching the news, reports come in from both sides that both the rebels or loyalist have retaken key areas and the latest is the oil port of Ros Lanouf. The West is apparently satisfied at this time to wage a war of words, calling for an end of Gadhafi’s bombings. Also seeking to institute a no-fly zone, speculative money continues to flood the Crude pit. Crude finished higher on the day ending up $1.02 to $105.44. Meanwhile some late day profit taking occurred in RBOB and HEAT. As we mentioned last week, some key resistance on HEAT was pegged at $3.14. Today we got to $3.1372 before falling all the back to finish at 3.0657 down .0236. Not that one day makes a rally but the about face that took place at the 1:00 p.m. hour was impressive, either that or someone decided it was time to cash out. RBOB was the biggest loser on the day falling .0425 to $3.0039. It’s funny how giddy we get now even on the slightest of down days.

Topics: The Market

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