Jobs data, Inventories and Dollar lead to mix day
Another mixed end to another volitile session that saw both RBOB and HEAT finish on opposite sides of par. Solid early morning gains built on Wednesdays DOE report that had all products reporting substantial draws, much higher than expectations, eventually gave way to news of yet another dismal Job report. The number of Jobless claims missed analysts expectations by about 10,000 claims that sent the pits down at the Opening Bell. Heat and RBOB were down almost .04 each as Crude remained strong on a falling dollar. The Dollar continues to hover around a 2 1/2 year low. While strife continues abroad, the threat of barrels off the market appears to be taking a back seat. The Saudi cartel have stated that there is no need for excess production as buyers appear to be limited. As we mentioned, the volitility from day to day has remained with a downward bias. The hope amongst peers is that at somepoint it falls off the shelf. As a reminder, the NYMEX is closed Friday in observance of Good Friday. At the Close Crude added 81 cents to $112.29, RBOB jumped .0313 to $3.3086 and HEAT fell .0222 to $3.1992.