Late session sell off pushes Futues into the Red
Overnight action saw pits slightly higher as the market weighed the continued threat of Nigerian oil workers to join the General Strike that has paralyzed the Nation for the last several days. Prior to the release of inventories, which many were still digesting the much less bearish EIA numbers from Tuesday night, the housing market got a boost with a report showing applications for homes were up 4.5% this period. A bullish indicator for the economy in general. This kept the market trading on both sides of 0.00 much of the morning. With the large builds across the board on the DOE report, the initial sell off fizzled away as the day wore on. Again, only to late session heroics, as in the last 15 minutes pushed HO down .0368 to 3.0646, RBOB slipped .0095 to 2.7633 and Crude fell 1.37 to $100.87. Adding to my notes yesterday, many commented on the disbelief of how range bound the Heat pit has been this year. Below is an eight month snap shot and shows the caterpillar like chart. A solidly defined range of 2.70 to 3.15. Currently sitting at 3.06, lets hope that this pattern continues.