Futures Continue to Rebound on Two Week Rally

Posted by Mark Pszeniczny on Jun 9, 2011 9:04:00 AM

If you were to ask me two weeks ago if I thought the HEAT pit would rebound 30 cents after falling 45, I would say its about as likely as a tornado in Massachusetts....  And so here we are!   With what has been an almost two week rally, todays moves looked to be a reaction to the indecisiveness of OPEC.  For that last few years, OPEC has lost much of their mojo and most discounted their pumping policies and mandates as rhetoric.  As with any slow news day, people needed something to jump onto and the report that OPEC was doing nothing had bulls run the table.  That coupled with the DOE report of Crude having a 4.8mbl draw simple let the gates open for a decisively higher session.  Jobless claims increase slightly last week still signaling a troubled economy.  Even the Natgas report that showed an unexpected injection of 80bcf could not derail the upside.  While many see the last several sessions as technical buy backs, it is difficult to maintain the notion that better days are to come as we pop 3 or 4 cents higher everyday.  At the close, Crude maintained above $100 and settled up $1.19 to $101.93, HEAT rose .0441 to $3.1378 and RBOB jumped .0611 to $3.0398.

heat chart

RBOB CLOSE
                 CLOSE       CHANGE 
  
JUL     30398       +.0611
AUG    30217      +.0563
SEP    30079      +.0527
OCT    28922       +.0445
NOV     28701       +.0423
DEC    28887      +.0405
HEAT CLOSE
          CLOSE    CHANGE
JUL    31578       +.0441
AUG    31508      +.0427
SEP    31677     +.0412
OCT   31843      +.0400
NOV   32015       +.0401
DEC   32167       +.0397

Topics: Jobless numbers, OPEC

Recent Posts

Posts by Topic

see all