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We suggested last week that there would likely be sideways action in the market as everyone digests what impact production cuts will have, and that is exactly what has happened. We have seen large daily moves, but overall we are just about where we were a week ago.
Unfortunately you are all reading your nightly pricing correctly. As seen below, ULSD prices have risen almost a full $1 in the last four sessions.
Most pundits have been warning of upside breakout potential with this market for the last several sessions. When you really look at HO for the last four months, the defined range of 2.95 to 3.05 has held, with conviction. As much as I try to disprove the techies with fundamental basics, I am batting roughly .146 since October. That's a slump!