Much of the morning session saw values bounce around from positive to negative as pre DOE posturing held court. Also holding weight was the curiosity factor of what was going to happen at the European Summit to discuss the ongoing debt issue. As the news of a Crude build of 4.7mbl, a Distillate draw of 4.3mbl and a Gasoline draw of 1.4mbl hit the wires the initial reaction was bearish as the huge glut of Crude took center stage. That was short lived as many looked to distillates as the leading pit and another large draw has now put distillates stocks smack dab in the middle of the 10 year range. Over the past several weeks we have operated on the higher end of that range. The selling only hit the floor with about 30 minutes left in the session as continued optimism remained that a long term solution to Europe's debt crisis will be agreed upon. Signs pointed that way as earlier in the day, Germany, a key figure in the deal, voted to add more to its growing rescue fund. An effort in that other nations will follow. While we still are on the high end of the range, and a solid down day is refreshing, nothing out there is a clear signal that we are ripe for another pull back. Again, the HEAT pit appears to be comfortable trading in the wide range from 2.70 to 3.10. At the close, Crude lost $2.97 to $90.20, RBOB fell .0482 to $2.6516 and HEAT lost .0344 to $3.0158.
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RBOB CLOSE
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CLOSE CHANGE
NOV 26516 -.0482
DEC 26253 -.0494
JAN 26111 -.0474
FEB 26049 -.0445
MAR 26075 -.0416
APR 27387 -.0374
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HEAT CLOSE
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CLOSE CHANGE
NOV 30158 -.0344
DEC 30210 -.0302
JAN 30101 -.0304
FEB 29929 -.0316
MAR 29663 -.0323
APR 29260 -.0312
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