Early morning trading pushed all pits higher as news spread of Chinese Crude imports jumping 6%. With a Market desperately looking for direction, the slightest potential shift in sentiment can have large scale implications. As the morning moved on, and gasoline demand numbers were reported as an increase of 1.1% over last week, the buyers took early control and never looked back. Very similar to what happens when you score 4 goals and 6 minutes, a la Bruin nation, it makes for an early day. The empty netter was a retail sales figure that showed the losses were better than expected only showing a .2% decrease while a .3% decrease was anticipated. Remember, it is all about expectations. So it will be interesting to see how Wednesday plays out as most expect for builds across the board with the DOE numbers. While we are still some 22 cents off the high seen back in early April, we are only 27 cents off the low in early May. Again this range of 2.85 to 3.35 on Heat while vast appears to be the new normal. A very hard close pushed values higher with about 10 minutes left in the session. HEAT was teetering on even ground only to end up .02 to $3.1258, RBOB soared .0678 to $3.0646 and Crude added $2.07 to $99.37, still under the mythical line in the sand of $100 a barrel.
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RBOB CLOSE
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CLOSE CHANGE
JUL 30646 +.0678
AUG 30250 +.0461
SEP 30069 +.0399
OCT 28897 +.0341
NOV 28676 +.0314
DEC 28554 +.0301
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HEAT CLOSE
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CLOSE CHANGE
JUL 31258 +.0200
AUG 31391 +.0189
SEP 31563 +.0187
OCT 31734 +.0180
NOV 31914 +.0181
DEC 32069 +.0182
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