Markets Jump Higher After Long Weekend
What a difference a week makes! less than a week ago were were talking about HEAT testing some key support levels, but after today, those might be to far to see in the rear view mirror. The pits have jumped some 20 cents in the last five sessions. While yesterdays electronic trading seemed to bear some positive tones as most of the session was down almost 2 cents, waking up this morning saw the market up over 4 and Crude up over a dollar. The second round of bailout money for Greece appears to be in the works as Germany is conceding. Over the weekend, a NATO commander stated his forces were making significant strides against the Gaddafi regime and guaranteed his removal in the next few months. On the homefront, a pipeline leak in the Kansas City area that originates in Canada forced that line down for the second time in a week. The key detail in that report is that the pipeline ends up in Cushing, Oklahoma, a key yardstick for National Inventory numbers. The fear pushed values higher and stayed there the remainder of the day with Crude now healthily over $100 to close up $2.11 to $102.70, front month RBOB added .0584 to $3.1504, while JUL RBOB was up only .0190. HEAT finished higher by .0658 to $3.0563, JUL HEAT added .0516 to $3.0530. HEAT is currently at the top end of the recent range of 2.80 to 3.05, one would expect to see some profit taking over the next couple of days.