Crude rises as Products sell off late
Yet again the early morning fake out had most running to the racks early in the day. Overnight action had both products up over four cents with the ongoing Libyan...
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Yet again the early morning fake out had most running to the racks early in the day. Overnight action had both products up over four cents with the ongoing Libyan...
Futures soared higher again today as all eyes continue to be focused on the Mid East and Northern African Nations and the wave of civil unrest that has gripped that region.
Only a week ago it appeared that the Libyan crisis was cooling with a possible quick exit by its Leader. That was 7 days and 25 cents ago…. As Iran has been said to clamp down and imprison opposition leaders and with Algerian news outlets reporting some growing protest, the main fear is that demand will outpace the supply. With the Saudi’s announcing they will foot the bill for any excess barrels left on the table, who wouldn’t want to be investing in Saudi Arabian refineries right now! Crude goes up $2.66 today to $99.63, jackpot! From the “ No Duh” file, FED chairman Bernanke spoke today and did little for the cause as he declared rising commodity prices would hurt the economy, but not produce massive inflation. More likely a short term rise in consumer gas prices.
With Funds bow controlling roughly 23% of the long positions in the Market; it will be interesting to see where the selling will start, and yes, it will happen. It was interesting to note that a gasoline demand report by Mastercard showed a 3% increase in demand last week, but some of that can be attributed to panic buying as consumers tried to beat the next price increase.
At the close, HEAT jumped .0846 to $3.0235 and RBOB soared .0907 to 2.9834. Let’s hope to find some relief in Wednesday’s DOE report.
I have mentioned often that for many technical analysts the number “3” is significant. After three down days in the Heat pit, the notion of a downward trend was about to...
Futures skyrocketed higher today hitting fresh highs on the heels of optimistic feelings about the economy. After the feel good State of the Union speech, a speculative...
As many New Englanders try to find meaning of our meager existence without any football to watch for the next month, reality got slightly worse as we all tried to...
Last Friday we were all excited that the NYMEX appeared to be on the verge of its January thaw. Well, a small pipeline leak on the Alaskan north slope over the weekend...
With much of the Industry expecting large draws in Crude and distillates due to year end and a relatively cold week across the nation, the surprise build in distillates...
Today’s NYMEX action could be characterized as being at a 4-way stop sign with every car staring at the other to see who is going to move first, and nobody moves. What...
You know winter has arrived when it takes over 3 hours to travel 50 miles on the Mass Pike. The cold snap and glancing blow of a Nor’easter to the New England area had...
After yesterday’s downright balmy weather in the northeast, today brought us back to reality with temps in the low teens. That cold air was a key factor in keeping HEAT...