Energy Market Updates

Futures Move Higher as Stimulus Plan Takes Shape

Posted by Mark Pszeniczny on Sep 10, 2012 3:52:00 PM

While much of todays chatter centered around the wild cash blowout of gasoline on Friday, up some .24 in NY harbor, markets found a way to turn positive ahead of the close. Many are betting that a new round of Quantitative Easing, also known as QE3, will be announced after this weeks FED meeting. This bet was doubled down after Fridays disappointing payroll figures.While the stimulus plans are designed to boost economic activity, Commodity prices are often collateral damage and many agree that we might see higher prices with this round. Keeping the pits in check are the fundamentals which, even besides this weekends short term blowout, the nation is well supplied. Additionally there was a memo sent by the Saudi Oil Minister confirming the oversupply of product as well as the unsubstantiated value of the current marketplace. Look for the remainder of the week to be a wild one. At the Close, Crude finished up .12 to $96.54, HEAT gained .0179 to $3.1668 and RBOB .0044 to $3.0240

 

Daily Heating Oil Chart

RBOB CLOSE
CLOSE CHANGE
OCT 30240 +.0044
NOV 29051 +.0059
DEC 28304 +.0059
JAN 28013 +.0054
FEB 27965 +.0058
MAR 28059 +.0059
HEAT CLOSE
CLOSE CHANGE
OCT 31668 +.0179
NOV 31674 +.0167
DEC 31666 +.0167
JAN 31639 +.0173
FEB 31524 +.0186
MAR 31322 +.0192

Topics: CRUDE, RBOB, QE3, Basis Blowout, Saudi Oil Minister

Energy Market Updates

The information contained in this report has been taken from trade and statistical services and sources believed to be reliable. Dennis K. Burke, Inc. makes no representations or warranties with respect to the content of such news, including, without limitation, its accuracy and completeness. This bulletin is provided for informational purposes only, and is not intended as a recommendation to buy or sell commodities.

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