Energy Market Updates

Front month Heat continues to find comfort above the 2.95 level as traders weigh the recent barrage of news.  Earlier in the week, many feared an almost inevitable Government shutdown, but those fears were erased late Wednesday as a House Bill passed that would fund activities for the next several weeks.  While Inventories were in my opinion somewhat Bearish, the news didn't take so well yesterday and pushed futures up slightly ahead of today's report that showed the US economic growth rate fell in line with expectations with an increase of 2.5%.  Additionally, new applications for unemployment benefits fell by roughly 5000 to 305,000.  The Bullish overtures of a growing economy almost always will spur a rise in Commodity futures.  The Syrian problem continues to drag on in a political stalemate as Russia successfully blocked a UN resolution which would have authorized military strikes.    While news may be what most are pointing to as the driver, one must give the technical analyst his due.  The Failure of front month HO to settle below the 2.95 mark has spurred buying over  the last two sessions.  This level continues to be a huge support area.  At the Close, Crude gained .37 to $103.03, RBOB added .0321 to $2.7050 and HO settles up .0306 to $3.0037

NYMEX futures reached their highest levels in almost two weeks. On the heels of a pre Thanksgiving jump, players got right back at where they left off on Wednesday....

It appears that the last four sessions have completely erased the pessimistic view, or fear of the Sachs case that saw HEAT correct almost 10 cents in two days. We have now come all the way back to where we were on Thursday of last week. The quick correction had Bears beating their drums that $2 heat was on the horizon, and admittedly so, I was listening. The ability for the market to gain back what was lost on