Another fantastic sell off ahead of the close as much of the day saw values higher on the heels of a massive 7.3 mbl draw in crude stocks. Distillates added 800k bls while gasolines built by 3.3 mbl. The Crude numbers were in stark contrast of last nights API report of a roughly 2 mbl build. The news at 10:30 sent the pits higher as HEAT at one point trader over four cents higher. As the day wore on and more and more angst on the upcoming FED announcement, values danced around the even mark until right before the close. The FED announced that they would sell $400 billion in short term assets, buying back longer term securities. The move is an effort to keep mortgage and interest rates at "uber-low" levels for the extended future. Apparently this time around the mood is for Commodities to sell off on such news. Additional bearish tones overpowered the reports of the European Union joining the US in a long standing Oil import sanction against Syria. The key is that the sour product rarely sees its way to the US, and should have zero impact on imports. The gesture is yet another measure designed to reshape the Mid East as unrest continues topple regimes. At the close, Crude fell $1.00 to $85.92, RBOB slipped .0349 to $2.6665 and HEAT fell .0274 to $2.9342.
|
RBOB CLOSE
|
|
CLOSE CHANGE
OCT 26665 -.0349
NOV 26564 -.0279
DEC 26432 -.0264
JAN 26412 -.0267
FEB 26474 -.0274
MAR 26574 -.0281
|
|
HEAT CLOSE
|
|
CLOSE CHANGE
OCT 29342 -.0274
NOV 29452 -.0261
DEC 29533 -.0253
JAN 29608 -.0246 FEB 29573 -.0236
MAR 29448 -.0225
|
