Stuck in Sideways
Sideways is the best way to describe the 20 days in the fuel market. Diesel pricing has been stuck in a $.10 range, unable to break below the $2.60 support level....
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Crude Poised to End 2018 Down 20%
As we head towards the end of 2018, it looks like oil prices will finish the year out down about 20%. We saw wildly fluctuating energy markets throughout the year, but the fundamental factors of supply and global economic growth concerns kept the downward pressure on pricing over the long term.
Markets Reverse on Strong Demand Signals
Markets reversed in a big way today, with front month WTI Crude surging 3% after yesterdays 7.3% decline. At time of writing, both diesel and gas are up (ULSD +.0447, RBOB +.0307)
NYMEX Plummets on Renewed Fears of Supply Glut
Futures are crashing on the NYMEX today, with WTI down around 5% thus far on the day, around the $48/bbl mark, on track to potentially close out at a 15 month low. Refined products are tanking as well, at time of writing, ULSD is off .0472 & RBOB is down .0341
Renewed Global Concerns Reverse Tuesday's Futures Sell Off
We have all been in this far too long to get overly excited when the pits fall a few cents - like New England weather, wait and it will change.
Market Finally Falls after Calm Weekend
Futures tumbled today after seeing double digit increases in the HEAT pit on Friday as fear of prolonged unrest overseas and the possibilty of a Governmental shut down loomed. At the eleventh hour a deal was struck to keep the U.S. Government running with both sides claiming victory. New reports this morning had Libya tension cooling as a proposed peace deal is on the table. The problem is, the deal calls for Gadhafi to remain in power. As one would expect, the deal has been accepted by the current regime but rejected by rebel forces. It was somewhat relieving to see our first down day in the last nine sessions. We are all looking for a healthy correction of the speculative buying that has pushed HEAT higher by almost 20 cents in the last 10 days. With warm air finally making its way into the Northeast, we should see some length get pulled out of the HEAT pit. At the Close, CRUDE fell $2.87 to $109.92, RBOB lost .0602 to $3.2005 and HEAT tumbled .0672 to $3.2525. As we have said many times, one day does not make a trend, but it would be nice if this was the start.
Middle East turmoil causing price surge
Presidents Day is historically a quiet day as most participants are off for the long weekend, but today’s moves have bucked the historical trend.
NYMEX reverses on economic news, to end day higher
The early morning session had all the makings of another big down day as news spread that China may be scaling back some of their economic recovery plans. And fears...