RBOB surges, HEAT ends lower

Posted by Mark Pszeniczny on Jan 18, 2012 4:40:00 PM

Early morning news of Hess shutting down its St. Croix facility from producing gas to strictly an oil storage facility sent RBOB futures higher some seven cents before the opening bell even rang.  Fear of tightening eastcoast gasoline supplies could not have hit at a worst time as ongoing tensions with Iran have again made headlines.  Iran appears to have got the eye, or wallet, the Saudis as they have gestured they are unwilling to pick up additional pumping left by removing Iranian barrels from the market place.  Realistically, this means that the Kingdom is comfortable with Crude above $100.  The trade seemed to cool off as the day moved on with large builds expected across all products in the delayed DOE report.  Additionally, looming concerns over the long term demand continue to be a bearish influence on any price breakouts beyond our current range.  At the Close, Crude fell 12 cents to finish at $100.59, RBOB surged .0541 to $2.8254 and Heat fell .0238 to $3.0134.

heat map

RBOB CLOSE
                 CLOSE       CHANGE 
  
FEB    28254       +.0541
MAR   28292      +.0496
APR    29480      +.0391
MAY   29340      +.0319
JUN   29053      +.0245
JUL    28713      +.0195

HEAT CLOSE
          CLOSE    CHANGE
FEB     30134     -.0238
MAR    30112      -.0223
APR     29995      -.0233
MAY   29859      -.0235
JUN    29808     -.0231
JUL     29850      -.0244

Topics: St Croix, Hess, HEAT, RBOB

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