It was clear today that traders had no idea what they wanted from the session and were riding the emotional wave on any piece of news released. The morning news was dominated that yet another build in supplies were expected therefore pushing values down. As the bottom feeders were able to push the pits back into positive ground, wires reported that Greece will more than likely default on their loans. That sent the entire complex south. But the resiliency of RBOB and HEAT to maintain some value while Crude tumbled has, many scratching their heads. Crude tumbled $1.76 to $82.44 but HEAT lost only .0068 to $2.2303 and RBOB fell only .0141 to $2.3268. Those types of drops on Crude typically produce a 4 or 5 cent drop in the products at these levels. Goes to show that someone out there still wants to ride this wave higher and is willing to put their money where their mouth is. As the Dow continues to get slammed right now, down over 100 points, look for some fear selling on Wednesday despite what inventory levels are.
DAILY HEATING CHART