Energy Market Updates

NYMEX Stays Range Bound with Strong Pull Back

Posted by Mark Pszeniczny on Jan 11, 2013 5:15:00 PM

Most pundits have been warning of upside breakout potential with this market for the last several sessions. When you really look at HO for the last four months, the defined range of 2.95 to 3.05 has held, with conviction. As much as I try to disprove the techies with fundamental basics, I am batting roughly .146 since October. That's a slump!

Although, we must point that todays selling seemed to be a reaction to China data reporting that runaway inflation is imminent. The news should have sent futures higher but those trying to avoid risk proceeded to sell off. Additionally, the Saudi Group has acknowledged lower production rates, signaling to the investors that demand may be waning in the weeks to come.

This weeks massive builds in products weighed heavy today in the minds of traders as many had to decide to be long or short with it almost 40 degrees in mid January. At the close, Crude fell .26 to $93.56, HO lost .0458 to $3.0085 and RBOB slipped .0538 to $2.7395

DAILY HEATING OIL CHART

1_11_13

RBOB CLOSE
CLOSE CHANGE
FEB 27395 -.0538
MAR 27543 -.0483
APR 29165 -.0381
MAY 29072 -.0375
JUN 28771 -.0253
JUL 28422 -.0335
HEAT CLOSE
CLOSE CHANGE
FEB 30085 -.0458
MAR 30018 -.0438
APR 29901 -.0422
MAY 30210 -.0410
JUN 30050 -.0398
JUL 29969 -.0385

Topics: Saudi Group, Chinese Inflation, Fundamentals, Distillates Build

    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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