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The obvious market moving story is the impact on world fuel markets of the Hamas – Israeli conflict that appears to be growing more intense by the day. As traders are trying to digest what could turn into a regional mess, expect wild swings for the short term.
A very different picture is painted this week after an almost $.18 drop in Diesel Futures posted yesterday, and another $.07 off presently this morning. Prior to this, it appeared as though we were on a slow progression downward but instead the proverbial bubble burst. Call it profit taking or a change in sentiment, it is clear that this correction is needed. Should another heavy down day remain, we could be in for a return of pricing not seen since early May, which is about $.80 lower.