Futures tumbled today after seeing double digit increases in the HEAT pit on Friday as fear of prolonged unrest overseas and the possibilty of a Governmental shut down loomed. At the eleventh hour a deal was struck to keep the U.S. Government running with both sides claiming victory. New reports this morning had Libya tension cooling as a proposed peace deal is on the table. The problem is, the deal calls for Gadhafi to remain in power. As one would expect, the deal has been accepted by the current regime but rejected by rebel forces. It was somewhat relieving to see our first down day in the last nine sessions. We are all looking for a healthy correction of the speculative buying that has pushed HEAT higher by almost 20 cents in the last 10 days. With warm air finally making its way into the Northeast, we should see some length get pulled out of the HEAT pit. At the Close, CRUDE fell $2.87 to $109.92, RBOB lost .0602 to $3.2005 and HEAT tumbled .0672 to $3.2525. As we have said many times, one day does not make a trend, but it would be nice if this was the start.
Daily Heat Chart
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RBOB CLOSE
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CLOSE CHANGE MAY 32005 -.0602
JUN 31867 -.0595
JUL 31741 -.0590
AUG 31562 -.0589
SEP 31305 -.0597
OCT 29909 -.0625
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