Values rise on sixth day on European debt news

Posted by Mark Pszeniczny on Oct 12, 2011 8:41:00 PM

The fuel pits definitely have their rally hats on as for the sixth consecutive day we have seen an increase in pricing. Today had very little bearish news in market which to some indicates the rally may be running out of steam. Heat closed up .0306 to $2.9347, (up over .20 in this rally all together. see chart below) while RBOB added only 11pts to $2.7487 and Crude actually slipped .24 to $85.57. As we come out of the fall turnaround season for refineries, most are expecting a final round of draws across the board in tomorrows delayed DOE report. The main driver of todays movements were centered around an apparent resolution and pending ratification of a European debt plan, one that Germany and France can agree upon. The dollar slipped and the DOW soared, currently up 200pts and pushing into positive territory for the year. The release of the FED minutes on last months meeting did little to shake investors as it is said they are anything but marginally optimistic on a slow growth period until years end, which was somewhat of no brainer. So with all the bullish news out today, and for only HEAT to be up strong, it can be viewed as sort of a winning day for bears. We will wait until Thursday's Inventory report to plant our flag on either side of the fence, but as mentioned, HEAT looks to be content between 2.70 and 2.90, wide range but nonetheless defined.
heat map
RBOB CLOSE
CLOSE CHANGE
 
NOV 27487 +.0011
DEC 26846 +.0082
JAN 26522 +.0136
FEB 26355 +.0145
MAR 26324 +.0139
APR 27382 +.0163
HEAT CLOSE
CLOSE CHANGE
NOV 29347 +.0306
DEC 29300 +.0263
JAN 29226 +.0222
FEB 29074 +.09074
MAR 28862 +.0147
APR 28487 +.0125
 

Recent Posts

Posts by Topic

see all