NYMEX sways with data and storm

Posted by Mark Pszeniczny on Aug 24, 2011 5:24:00 PM

A slew of data today had Futures up strong for much of the day while gasoline danced around the flat area as it decided how to digest all the news.  First and foremost, any hurricane premium added to the market kept prices lower as Irene appears to be slicing it's way towards New England.  Good for the Oil industry, not so good for our neck of the woods.  Landfall is now expected to be Sunday night or Monday morning with potential of a CAT 3 hurricane.  Inventories released today where also actually slightly bearish as compared to API's last night.  The Crude draw of 2.2 mbls was substantially less than the 5 mbl draw reported last night.  Gasoline and distillates also added 1.7mbl and 1.4mbl respectively.  As reports of Junes durable goods orders being a modest 4% increase hit the wires, a fresh round of buying hit the pits as this is a good sign of an improving economy, but muting that news was a weakening housing report that showed values dropping yet again.  All eyes will now be on Friday as the FED is expected to speak again.  At the close, Crude actually lost .28 to $85.16 while RBOB added a mere .0018 to $2.8784 and HEAT gained .0182 to $2.9607.
heat map
RBOB CLOSE
                 CLOSE       CHANGE 
  
SEP    27884       +.0018
OCT    27558     +.0086
NOV    27118     +.0113
DEC   26902       +.0121
JAN    26907       +.0129
FEB    27008      +.0133
HEAT CLOSE
          CLOSE    CHANGE
SEP    29607    +.0182
OCT   29690     +.0198
NOV    29761      +.0202
DEC   29825     +.0207
JAN   29901       +.0216
FEB   29876       +.0218
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Topics: Hurricane Irene, API report, Futures Soar

Futures soar after Holiday

Posted by Mark Pszeniczny on Nov 29, 2010 9:51:00 PM

NYMEX futures reached their highest levels in almost two weeks.  On the heels of a pre Thanksgiving jump, players got right back at where they left off on Wednesday.  Pushing values higher were news of Ireland accepting bailout funds over the weekend and as well as preliminary estimates of better than expected Black Friday and Cyber Monday sales.  To which I estimate my wife’s contribution to be half!  Despite the Dollar gaining against the world basket, NYMEX values continued higher all day without any regard.  The mild correction seen over the last two weeks appears to be stalled as Crude failed to break $80 and HEAT never got below the 2.23 level.  The HEAT pit looks to be comfortable trading in the 2.25 to 2.45 range.  With the bounce tied to an improving economic picture, it will be interesting to see how the markets react to consumer confidence news scheduled to be out Tuesday.  At the close, Crude $1.97 to $85.73, RBOB skyrocketed .0743 to $2.2846 and HEAT jumped .0419 to $2.3581.

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Topics: HEAT, The Market, NYMEX, Futures Soar, Ireland Bailout

Nymex Futures close strong with optimism

Posted by Mark Pszeniczny on Apr 28, 2010 8:20:00 PM

It appears that the last four sessions have completely erased the pessimistic view, or fear of the Sachs case that saw HEAT correct almost 10 cents in two days. We have now come all the way back to where we were on Thursday of last week. The quick correction had Bears beating their drums that $2 heat was on the horizon, and admittedly so, I was listening. The ability for the market to gain back what was lost on :

1. Very weak fundamentals (lots of supply…low demand)

2. Thousands of flights in Europe grounded (more demand loss)

3. Goldman Sachs investigation (more guys to fall)

Has to have one thinking …. “this thing has a mind of it’s own”. It does. The notion that we are on an economic upswing has participants rolling the dice that the US economy still has room to improve. At the close, Crude added $1.37 to $85.08, RBOB jumped higher in the last 30 minutes of the session adding .0529 to $2.3531 and HEAT gained .0355 to $2.2505. It’s like déjà vu all over again as we head into another weekend searching for direction and reason.

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Topics: Goldman Sachs, The Market, Futures Soar

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