Energy Market Updates

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Greece downgraded

Rapture dissapoints, Commodities Tumble

Not that one has to do anything with the other, but I wonder how the market would have reacted?    Even with another volcanic eruption in Iceland (coincidentally at 6:03 EST on Saturday), the markets still opened down heavily as debt concerns loom as late Friday Greece was downgraded to junk status.  Recall the last eruption sent the European airlines, and industry as a whole into a tizzy.  But with the dollar strengthening today, oil was on the opposite side of the see saw and saw another round of healthy drops.  Disappointing manufacturing numbers also weighed in pushing both pits down well over five cents.  Somehow RBOB was able to make a move and ended up finishing positive on the day.  Which is bizarre in and of itself as a report showed that Americans drove 1.4% less than the did a year ago in March.  Some blame could be towards higher fuel prices.  You have heard me say time and again that mixed days always bring a eye of suspicion.   Although today appears to be some adjusting ahead of the long weekend as outer month RBOB was down much stronger.  At the close, Crude fell $2.40 to $97.70, RBOB rose .0023 to $2.9381 and HO tumbled .0712 to $2.8471.  The key support level for Heat appears to be firmly placed at the $2.80 market, a close below that should initiate additional downside in the coming weeks.

Daily Heat Chart
heat chart
                 CLOSE       CHANGE 
JUN    29381       +.0023
JUL    29059      -.0144
AUG    28739        -.0275
SEP    28451       -.0355
OCT     27111       -.0422
NOV    26834      -.0456
          CLOSE    CHANGE
JUN    28471      -.0712
JUL    28597      -.0723
AUG    28749      -.0712
SEP     28930      -.0707
OCT    29102       -.0700
NOV   29274       -.0689
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