After Fridays close, we were cautiously optimistic that we might have some downside over the next few sessions. That theory was quickly thrown in the garbage can as news spread of the FMOC more than likely keeping interest rates at historically low rates. This appeared to cause a buying spree in all commodities and Crude was no exception. Current idea is that the state of the economy has investors worried, with the FED not moving rates, only solidifies their position. What is odd is that there is data out there that appears to support a more positive economic outlook. One of those is the DOT numbers that showed total miles traveled in July were up almost as full percent. But as we know, that fuzzy grey area between market perception and reality are often much farther apart than we understand. What we do know is that the pits appear to be comfortable within their current range with support still at the $1.95 level and resistance at the $2.25 area for HEAT. At the Close, Crude rose $1.20 to $74.86, RBOB gained .0304 to $1.9496 and HEAT vaulted .0402 to $2.1394.
