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The NYMEX shot up again today, after trending slightly downward the past several sessions. Last week saw Brent over $65/bbl and today WTI settled out +1.50 to 60.75, over the $60/bbl benchmark we've all been watching for.
July 16th - Energy Bulls showed their muscle today by posting solid gains after an ever so slight dip yesterday. On the back of an early weak dollar, RBOB and HO were up almost .03 cents in the early morning. After what appeared to be some resistance touching, futures slid to even shortly after Open outcry, even posting some negative numbers. The slide was short-lived as traders began to focus on this weeks inventory levels that are projected to show a draw of roughly 3mbls of Crude, signaling a rising demand. Small refinery news and traders rolling positions into AUG also contributed to today's rise. Personally, I have said for months that HO is stuck in this large new normal range of 2.75 to 3.05, being at the top of that range now, one has to speculate at how much higher we can go. At the close, Crude was able to shed some pounds finishing down .32 to $106.00, HO added .0208 to $3.0469 and RBOB gained .0314 to $3.1343. RBOB appears to be driving the market so Wednesdays price action will be intresting.
Speaking with an associate today we were amazed to both discover that last year at this time we over 40 cents less than now. But that is ancient history. Today continued...