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...
Posts about:
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...
The difference in todays action than yesterdays was that RBOB and HEAT actually followed Crude in finishing lower. With NatGas inventories showing a slightly smaller...
With the weekly inventory report came a mixed bag and subsequently a mixed close. As shown below, the largest variance was seen in gasolines which was the only thing...
In what was a slow news day had the futures market bouncing between positive and negative territory for much of the morning session. With durable good orders on the rise...
After last nights wildly bullish API report that had all products showing healthy draws, we were expecting the worse this morning. As DOE’s broke and showed builds across the board, the very bearish report did little to curb the enthusiasm of players. Initial reaction had all the pits shed early gains and prior to the lunch hour most were trading in the red. It was truly an odd day as investors appear to be looking at gasoline demand and how that will affect summer pricing. Psychologically, with MAY Crude falling off the board today, it firmly puts in our heads that summer is here. How much of todays move on HEAT was attributed to European flights resuming remains to be seen. At the Close, JUN Crude fell .17 to $83.68, RBOB added .0018 to $2.2827 and HEAT showed the most strength adding .0256 to $2.2058. However bizarre today was, I would have to think that if there was a little more time in the day all products would have closed negative. Outside influences have overtaken fundamentals currently and when that happens, we usually see a breakout in one direction or the other.
WEEKLY INVENTORY NUMBERS
Crude +1.894
Gasoline +3.587
Distillates +2.096
Utilization 0.3%