Late session sell off pushes Futues into the Red

Posted by Mark Pszeniczny on Jan 11, 2012 4:44:00 PM

Overnight action saw pits slightly higher as the market weighed the continued threat of Nigerian oil workers to join the General Strike that has paralyzed the Nation for the last several days.  Prior to the release of inventories, which many were still digesting the much less bearish EIA numbers from Tuesday night, the housing market got a boost with a report showing applications for homes were up 4.5% this period.  A bullish indicator for the economy in general. This kept the market trading on both sides of 0.00 much of the morning.  With the large builds across the board on the DOE report, the initial sell off fizzled away as the day wore on.  Again, only to late session heroics, as in the last 15 minutes pushed HO down .0368 to 3.0646, RBOB slipped .0095 to 2.7633 and Crude fell 1.37 to $100.87.  Adding to my notes yesterday, many commented on the disbelief of how range bound the Heat pit has been this year.  Below is an eight month snap shot and shows the caterpillar like chart.  A solidly defined range of 2.70 to 3.15.  Currently sitting at 3.06, lets hope that this pattern continues.

DAILY HEATING OIL CHART

daily heating chart

RBOB CLOSE
                 CLOSE       CHANGE 
  
FEB    27633       -.0095
MAR   27703      -.0089
APR    28954      -.0088
MAY   28905      -.0088
JUN   28706       -.0086
JUL    28442      -.0083

HEAT CLOSE
          CLOSE    CHANGE
FEB     30646     -.0368
MAR    30593      -.0346
APR     30409      -.0337
MAY   30195      -.0329
JUN    30090     -.0301
JUL     30090      -.0285
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Topics: EIA, Nigerian Oil Strike, DOE

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