NYMEX slip as next move deliberated

In what was a slow news day had the futures market bouncing between positive and negative territory for much of the morning session. With durable good orders on the rise in March, some might put another feather in the hat of bulls. But the inability of the pits to stay above some key resistance areas, HEAT was unable to stay above $2.25 and Crude fell below $85, has to play into the minds of players that another correction can be in the cards. We have discussed a number of times over the last few weeks that the market is searching for direction and fundamentals do not support current price levels. With many personalities at the Atlantic Region Energy Expo the next few days, I wouldn’t expect any wild swings in the market. Furthermore, speaking with some retail operators over the last few days, gasoline demand appears to still limping along. At the end of the day, Crude slipped 92 cents to $84.02, RBOB fell .0122 to $2.3409 and HEAT dropped .0134 to $2.2371.