NYMEX dips ahead of Presidential Speech, DOE's Mixed

Posted by Mark Pszeniczny on Sep 8, 2011 9:24:00 PM

Although the market finished down, it was not until very late in the session that we felt somewhat comfortable that it was a certainty.  Early morning jobs data reported yet another increase in unemployment claims, up 2k to 414k, Commodities fought their way back into positive ground as investors rushed for a safe haven.  The new information will be a key tenet for tonights Presidential address on the state of the economy, which could shift the markets in either direction.  The White House is expected to announce yet another round of stimulus spending, roughly $300 billion, on infrastructure and tax cuts.  Additionally, reports of the European Central Bank reporting what they perceive as "significant downside risk" to the European Economy.  With the mixed DOE report of Crude losing 4mbl and Gas and Distillates adding 198k and 708k respectively, while surprising , kept any major losses in check.  I would expect next weeks numbers to have the full impact of the past weeks weather, specifically in the Northeast.  It has become increasingly more difficult to determine how news will be perceived in the eyes of  market participants, what was once a bullish news day has now turned to a cautiously bearish one.  At the close, Crude slipped .29 to $89.05, RBOB lost .0228 to $2.8852 and HEAT lost .0313 to $3.0443.

heat map

RBOB CLOSE
                 CLOSE       CHANGE 
  
OCT    28852       -.0228
NOV    28351      -.0255
DEC    28044      -.0273
JAN   27976        -.0290
FEB    28020        -.0296
MAR    28099      -.0297
HEAT CLOSE
          CLOSE    CHANGE
OCT    30443    -.0313
NOV   30526     -.0330
DEC   30603      -.0344
JAN   30689     -.0358
FEB   30646      -.0363
MAR   30515      -.0363
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Topics: European Economy, President Obama Address, Jobless claims rise

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