Energy Market Updates
Posts about:
OPEC (8)
Futures Continue to Rebound on Two Week Rally
If you were to ask me two weeks ago if I thought the HEAT pit would rebound 30 cents after falling 45, I would say its about as likely as a tornado in Massachusetts.... And so here we are! With what has been an almost two week rally, todays moves looked to be a reaction to the indecisiveness of OPEC. For that last few years, OPEC has lost much of their mojo and most discounted their pumping policies and mandates as rhetoric. As with any slow news day, people needed something to jump onto and the report that OPEC was doing nothing had bulls run the table. That coupled with the DOE report of Crude having a 4.8mbl draw simple let the gates open for a decisively higher session. Jobless claims increase slightly last week still signaling a troubled economy. Even the Natgas report that showed an unexpected injection of 80bcf could not derail the upside. While many see the last several sessions as technical buy backs, it is difficult to maintain the notion that better days are to come as we pop 3 or 4 cents higher everyday. At the close, Crude maintained above $100 and settled up $1.19 to $101.93, HEAT rose .0441 to $3.1378 and RBOB jumped .0611 to $3.0398.
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.
Weak Jobs push Markets south, destroy extended rally
The sideways action continues as a healthy correction has once again seen buyers run for the hills. On the heels of healthy construction spending and new home sales, and...
Futures show solid gains on home sales
It was one of those days in the pits as the market opened positive and stayed there all day. After yesterday’s impressive construction spending report and today’s strong...