Prices for January 6th, 2009
| HEATING OIL cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 221.20 | 216.34 | 220.32 | up 00.91 | | MAR | 221.72 | 217.26 | 221.35 | up 01.28 | | APR | 222.00 | 217.41 | 221.55 | up 01.59 | | MAY | 221.85 | 217.95 | 221.87 | up 01.78 | | JUN | 222.67 | 218.15 | 222.38 | up 01.88 | | JUL | 223.60 | 220.77 | 223.72 | up 01.97 | | AUG | 225.75 | 222.67 | 225.47 | up 02.03 | | SEP | 227.80 | 225.11 | 227.77 | up 02.09 | | OCT | 230.42 | 227.58 | 230.27 | up 02.14 | | NOV | 232.25 | 229.96 | 232.67 | up 02.24 | | DEC | 235.30 | 231.00 | 235.07 | up 02.35 | | JAN | 234.47 | 234.47 | 237.37 | up 02.50 | | Estimated Volume (day before) total all prev day 127,198 | | NYMEX CRUDE OIL dollars per barrel | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 83.52 | 80.85 | 83.18 | up 01.41 | | MAR | 84.08 | 81.50 | 83.75 | up 01.34 | | APR | 84.60 | 82.13 | 84.31 | up 01.32 | | MAY | 85.13 | 82.74 | 84.86 | up 01.34 | | JUN | 85.62 | 83.35 | 85.34 | up 01.33 | | JUL | 85.89 | 83.88 | 85.80 | up 01.33 | | | | | | | | | Estimated Volume… 487,277 Opec Basket…$78.18 up $1.02
Prompt #2 Oil NYH 88..-0.75 to +0.00, 74 Lo S…-0.25 to +0.25
US Gulf 88 grade…-4.50 to -4.25, 74 grade Lo S…-4.00 to -3.50 Group .........-5.50 to -5.00 Lo S.....-5.50 to -5.00
Chicago ......-12.00 to -11.00 cash quotes by Dow Jones | | | |
| NYMEX RBOB GASOLINE cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 214.62 | 209.33 | 213.66 | up 01.16 | | MAR | 216.09 | 210.78 | 215.19 | up 01.53 | | APR | 226.69 | 221.68 | 226.08 | up 02.10 | | MAY | 227.62 | 222.55 | 227.06 | up 02.23 | | JUN | 228.50 | 223.64 | 227.72 | up 02.31 | | JUL | 228.00 | 227.00 | 227.78 | up 02.35 | | AUG | ---.-- | ---.-- | ---.-- | -- --.-- | | SEP | ---.-- | ---.-- | ---.-- | -- --.-- | | Estimated RB Volume day before 101,809 | | NYMEX NATURAL GAS dollars per mmBtu | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 6.075 | 5.650 | 6.009 | dn 0.372 | | MAR | 6.000 | 5.617 | 5.941 | dn 0.348 | | APR | 5.910 | 5.580 | 5.861 | dn 0.298 | | MAY | 5.898 | 5.660 | 5.886 | dn 0.278 | | | Estimated Volume…day before (189,671)
Nymex statistics are based on composite Access & Day Sessions
Prompt Gasoline NYH M5 -0.75 /-0.50 RBOB +7.00 /+7.50
US Gulf M4: -3.50 to -3.25 RBOB +2.00 to +2.75
L.A. Conv Reg 215.50-216.50, N-grade Group 207.25-207.75 Chi 204.50-205.50 | |
Market Review for Wednesday
ESTERDAY’s DOE report was seen by many as being bearish, and the initial reaction was good selling. The lows for the day were reached shortly after the report was released. There was a small, much less than expected, drawdown in distillate stocks, and there were builds in both crude oil and gasoline stocks. Taken together, the inventory changes were seen as being disappointing or just downright bearish. Crude oil imports rebounded slightly, although nowhere near as much as had been seen in the API report, out Tuesday evening. Refinery utilization was lower, and that combined with the small increase in imports to give us the build in crude oil stocks.
As we have noted, though, and this is very much the case, as well, with today’s EIA underground storage report for natural gas, this week’s reports are more or less “free” reports for the bulls. By that, we mean that the bitterly cold temperatures seen last weekend and this week would seem to ensure more bullish numbers in next week’s set of weekly reports.
| Fuel for Thought We have a rare, almost unique situation right now with the weather. Not only is it cold in the US Midwest and Northeast, it is cold across much of the continent. And, if that is not enough, the cold weather extends into Europe and into China. European transportation has been hindered by heavy snowfall, and China has allocated power supplies because of a coal shortage. Here, in the US, orange growers have been burning “smudge pots” to keep their orange groves from freezing and ruining the fruit on their trees. In the UK, temperatures are in the middle of their coldest period in nearly 30 years, and there have been 11 inches of snow already. Germany is bracing for blizzard conditions. Temperatures across Europe are registering record low levels. |
The bulls let the sellers do their work right after the report and they then rushed in to buy. They kept buying throughout the session and many of the morning’s sellers were forced to cover positions before the close. All of this buying, we believe, came in anticipation of a very brisk withdrawal from inventories next week. With that as a given for a number of bulls, they had the benefit of conviction on their side throughout trading yesterday.
In the process, all three major commodities in the oil complex moved into positive territory and settled there. Even though the most bullish factor, the weather, will pertain directly to heating oil, the best and clearly most important buying yesterday was in crude oil. After licking the major resistance at $82.00, before selling back off, on Tuesday, the buying seen yesterday afternoon was enough to press crude oil quotes well above that critical level before the close. That leaves us with a striking fact this first week of 2010: In the first three days of this new year, heating oil prices on Monday, gasoline prices on Tuesday and finally crude oil prices yesterday, all broke the highs seen for all of 2009. Technically, we could not have had a more bullish beginning to this new year. The factors we saw yesterday in oil will likely be seen in natural gas today.
Technicals
Oil prices were lower in the trading right after this week’s DOE report, but they rallied yesterday afternoon and finished in positive territory for the day. All trends are now pointed higher. Crude oil prices sold off after the report, but they quickly turned back up and then broke and settled above their key resistance at $82.00/bbl.
Cents per gallon
Above: Gasoline prices have broken to new recent highs and are now above anything seen in 2009.
February crude oil now has buy-stops over $83.55, $84.83, $85.13, $89.82, $90.99, $93.02, $96.03, $100.37, $102.85, $106.91, $108.11, $108.70, $109.60, and $110.45-$110.60. Sell-stops are under $80.85, $79.60, $79.00, $77.75, $76.00, $74.25, $72.70, $71.99, $71.20, $70.55, $69.30, $68.55, $68.00, $65.80-$66.20, and $64.95. February heating oil has buy-stops over 221.20, 220.60, 225.80, 227.05, 229.08, 238.95, 249.62, 251.50, 256.48, 265.89, 273.20, 288.50, 295.00, 299.71, and 303.00. Sell stops are under 216.34, 213.00, 210.00, 203.85, 199.80, 195.00, 191.00, 190.00, 189.55, 188.70, 187.00, 186.50, 182.63, 177.00, 176.68, 173.75, 171.10, 170.35, 168.60, 167.65, and 166.90. February RBOB has buy-stops over 214.65, 222.70, 228.86, 240.10, 250.40, 252.00, 265.10, 267.85, 270.85, 272.00, and 280.25. Sell-stops are under 209.33, 202.65, 198.60, 194.55, 189.65, 185.00-185.15, 184.60, 182.40, 181.20, 179.20, 177.30, 175.14, 171.40, 170.25, and 168.85.
Football: The bulls gained 14 yards yesterday on second and seven to go, giving the bulls another first down.
Technical Support & Resistance
Feb crude oil Support: $80.85-$81.00, $79.60-$79.75, $79.00-$79.20, $77.75-$77.85, $76.00-$76.20.
Resistance: $83.45-$83.55, $84.70-$84.85, $85.05-$85.15, $89.70-$89.85, $90.90-$91.00.
Feb heating oil Support: 216.30-216.40, 213.00-213.15, 211.35-211.50, 209.30-209.45, 205.80-206.00.
Resistance: 221.00-221.20, 225.60-225.80, 226.95-227.05, 228.95-229.10, 238.85-238.95.
Feb Rbob Support: 209.30-209.40, 206.70-206.80, 204.55-204.65, 202.65-202.75, 198.60-198.70.
Resistance: 214.50-214.65, 222.60-222.70, 228.75-228.86, 239.80-240.10, 250.25-250.40.
Oil Inventory Reports
This week’s DOE report was surprisingly bearish or disappointing for the bulls. There was a small drawdown in distillate stocks and there were builds in both crude oil stocks and gasoline stocks. Refinery utilization was lower, and it is now beneath 80% - before any of the normal, seasonal maintenance has even gotten started. In many respects, this was a “free” report for the bulls, and that realization is what pushed prices up into the close. Traders are already starting to anticipate what is likely to be solid distillate demand and a good drawdown in next week’s numbers.
This Week’s Inventory Comparison: Distillate stocks are now 13.0 million bbls, or 8.90%, higher than a year ago. Heating oil inventories are 1.8 mln bbls, or 4.36%, higher than they were a year ago. Gasoline stocks are 6.1 mln bbls (up 2.86%) higher against a year ago. Crude oil stocks are now 1.5 million bbls, or 0.46%, higher than a year ago. Residual stocks are 1.1 mln bbls (3.05%) lower than a year ago, jet fuel stocks are 3.7 mln bbls, (9.74%) higher than a year ago. Utilization is 4.74% lower than a year ago and 10.99% below the eight-year average. It is 12.54% lower than the four-year, pre-Katrina average and 9.44% below the average of the four years since the big hurricanes (Katrina & Rita) in 2005.
This Week’s Demand: Four-week, total refined products demand came in at 19.192 million bpd, up 0.102 mln bbls on the week, and up 0.050 mln bpd and 0.26% against a year ago. Twelve weeks ago, it was 0.900 mln bpd and 5.03% higher than a year ago. Four-week gasoline demand is at 8.956 mln bpd, up 0.32%, compared to up 6.23% 12 weeks ago. Four-week distillate demand is now at 3.746 mln bpd, down 0.98%, compared to down 14.80% eight weeks ago. Four-week jet demand is now at 1.509 mln bpd, up 8.17%, compared to up 0.14% four weeks ago and 1.61% five weeks ago. Four-week residual fuel demand is at 0.464 mln bpd, down 38.38%, compared to down 1.19% seven weeks ago. Propane use is up 16.38%, at 1.563 mln bpd, compared to being up 17.63% six weeks ago.
This Week’s API Report: This week’s API report showed a draw of 2.267 mln bbls in crude oil stocks, a build of 0.962 mln bbls in distillate stocks and a build of 5.575 mln bbls in gasoline inventories. Utilization was up 1.3% to 79.5%. Implied demand came in at 8.551 mln bpd in gasoline and at 4.036 mln bpd in distillate. Crude oil imports were up 1.404 mln bpd to 8.734 mln bpd. Implied demand, the increases in crude imports and utilization and the gasoline build were all bearish.
DOE Weekly Inventory Statistics
| Category | Final DOE Estimate
This Week’s Estimate | History
Last Year’s Report | Most Recent Changes
This Week’s DOE Report | Versus A Year Ago
Millions of Barrels |
| Distillate | dn 2.35 to 2.85 mln bbls | up 1.790 | dn 0.233 mln bbls | up 15.600 |
| Gasoline | dn 0.25 to 0.75 | up 3.334 | up 3.737 | up 4.700 |
| Crude oil | up 2.00 to 3.00 | up 6.682 | up 1.329 | up 1.100 |
| Utilization | up 0.5% to 1.0% | up 2.1% at 84.6% | dn 0.41% at 79.86% | |
| Crude Imports | up 0.500 to 1.000 mmbd | up 1.236 to 10.485 | up 0.328 to 8.355 mln bpd | |
| DOE Distillate Demand | 3.656 mln bpd | dn 332,000 | Gasoline Demand | 9.074 mln bpd | up 029,000 |
| DOE Distillate Production | 3.710 mln bpd | dn 096,000 | Gasoline Production | 9.028 mln bpd | up 065,000 |
| DOE Distillate Imports | 0.237 mln bpd | dn 098,000 | Gasoline Imports | 0.753 mln bpd | dn 095,000 |
Source: US Department of Energy’s Energy Information Administration
Open Interest Analysis
Crude oil open interest fell by an astonishing 10,423 contracts on Tuesday, when prices were higher. That looks like decent short-covering, which would be bearish.
Heating oil open interest rose by 7,649 contracts on Tuesday, when prices were higher. That looks like new buying and would be bullish.
RBOB open interest rose by 6,026 contracts on Tuesday when prices were higher. That looks like new buying and would be bullish.
Natural gas open interest rose by 1,554 on Tuesday, when prices were lower. That looks like new selling and would be a negative development.
Tuesday’s Open Interest Changes:
Crude 1,237,436 dn 10,423 Heat 317,155 up 7,649 RBOB 246,966 up 6,026 Nat gas 724,087 up 1,554
CFTC Commitments of Traders for Nymex (for the period ended Tuesday, Dec 22nd)
Crude oil prices gained $3.71/bbl over the latest reporting period, and the best buying came from producer short-covering. That group covered 8,642 contracts. It also liquidated 6,318 contracts on the long side. Managed money accounts added 2,223 new longs. Swap dealers bought the most on aggregate, covering 4,204 contracts and buying 724 new longs. Other reportable accounts liquidated 2,286 longs and sold 1,275 new shorts.
In heating oil futures, prices gained 4.53 cents a gallon, and the best buying came from the speculative community. Large speculators of various groupings bought 3,385 new longs and covered 4.113 shorts. Commercial accounts, including producers, bought 2,942 new longs, but sold 13,592 new shorts. Non-reportable accounts bought 1,609 and covered 1,543.
Gasoline prices were up 4.37 cents a gallon during the period under review. Swap dealers bought 1,249 new longs and covered 106 shorts. Producers added 4,006 new longs but also added 4,768 new shorts. Managed money accounts liquidated 1,556 longs and covered 415 shorts. Other reportable positions liquidated 108 longs and covered 297 shorts. Swap dealers seem to have been the most active buyers.
In natural gas, prices gained 19.3 cents during the period under review. Small trader short-covering was the motive force, with 14,198 contracts covered against 9,546 contracts liquidated. Commercial accounts covered 21,268 contracts and liquidated 18,767. Large speculators were getting short again, selling 12,205 and buying just 5,052 contracts.
Natural Gas & Utility Generation
Natural gas prices advanced more than 37 cents yesterday, or by more than 6%, as traders took note of the developments in the oil markets and saw parallels that extended to this market. First among those yesterday was the ability by the bulls to look past this week’s report to the likelihood of a much more supportive report next week. Since that expectation is based entirely on the very cold weather that has been experienced across the country this week, the application to the natural gas market is clear.
In the same way that yesterday’s DOE statistics in oil represented a “free” report for the bulls – because traders were willing to look beyond it to the likelihood of much heavier consumption and a large drawdown in distillate – today’s report in natural gas may be viewed the same way. If it is a bullish report, there is still likely to be buying afterwards in anticipation of a more bullish report next week. If, on the other hand, it turns out to be a bearish report this morning, then it will not take very long for traders to rush in to buy natural gas – expecting next week’s numbers to be more supportive.
This all comes back to one of our major theses in this market, that very cold temperatures are bullish three times. The first time is when they are predicted by forecasters. The second time is when they arrive and traders can experience the cold as skin-feel. The third and final time arrives well after the cold weather is gone, when the weekly underground storage figures reflect the cold that already has been seen. Right now, we are in the first two phases, with cold readings present and expected over the immediate future. But everyone is looking ahead to next week’s storage report, when their impact will be quantified.
Yesterday’s strength tells us that prices are back on their way to their swing objectives just above $7.00/mmBtu. Although some meteorologists are expecting a break in the frigid weather in the middle of January, our experience has been that one does not always get those breaks when one is in the middle of a trend. And we are clearly trending colder right now. Expectations are for a draw of 151 bcf in today’s report.
In cash trading yesterday, Henry Hub prices were at $6.16-$6.70, up $0.16-$0.40 on the day (DJN). SoCal prices were at $6.10-$6.53, up $0.10-$0.33 on the day. El Paso Permian prices were up $0.17-$0.42 at $6.16-$6.57. Katy prices were up $0.36-$0.60 to $6.35-$6.78. Waha prices were up $0.38-$0.64 at $6.50-$6.85. Transco 6 was down $1.35-$1.60 at $9.75-$11.55/mmBtu, according to Dow Jones News (DJN). Cash prices into the Northeast were lower yesterday as the worst this week may be behind us. No one is expecting any return, though, soon to more moderate readings.
Palo Verde prices were last quoted at $47.00-$49.25/mwh. Northeastern prices last traded at $58.10-$94.00. Entergy was last at $60.00-$61.00. Ercot was last at $53.50-$56.00/mwh.
Support is at $5.60-$5.62, $5.50-$5.52, $5.42-$5.45, $5.31-$5.33, $5.19-$5.21, $5.12-$5.14, $4.96-$4.99, $4.83-$4.85, $4.64-$4.66, $4.40-$4.43, $4.15-$4.17, $4.05-$4.08, $3.73-$3.75, $3.66-$3.68, $3.50-$3.53, $3.44-$3.46, $3.28-$3.32, $2.91-$2.93, $2.80-$2.82, $2.74-$2.75, $2.69-$2.70, $2.62-$2.64, and $240-$2.43. Resistance is at $5.87-$5.90, $5.99-$6.03, $6.07-$6.08, $6.15-$6.17, $6.34-$6.37, $6.65-$6.69, $6.90-$6.94, $7.01-$7.04, $7.28-$7.31, and $7.34-$7.36.
Jan Natural Gas: Support: $5.60-$5.62, $5.50-$5.52, $5.42-$5.45, $5.31-$5.33, $5.19-$5.21, $5.12-$5.14.
Resistance: $5.99-$6.03, $6.07-$6.08, $6.15-$6.17, $6.34-$6.37, $6.65-$6.69, $6.90-$6.94.
Natural gas prices have charged back to their highest levels over more than a year..
Dollars per million Btu
Natural gas prices were overbought earlier this week, and have now relieved some of that pressure on prices.).
Dollars per million Btu
EIA Weekly Storage Figures
Last week’s EIA report showed a draw of 124 bcf on expectations for a draw of 147 bcf. Stocks are now 379 bcf higher than a year ago, against a surplus of 359 bcf a week ago, a surplus of 381 bcf two weeks ago and a surplus of 472 bcf three weeks ago. Stocks are now 13.08% higher than a year ago. They are 391 bcf and 13.55% above the five-year average.
For this week, the eight-year average (of similar Friday reports) was a draw of 87.88 bcf. The five-year average was a draw of 75.0 bcf. Last year, there was a draw of 47 bcf. Expectations are for a drawdown of 151 bcf today.
EIA Report
| Region | 12-25-09 | 12-18-09 | Change | Last Year | 5 Yr Avg |
| Cons East | 1779 | 1869 | dn 90 | 1603 | 1629 |
| Cons West | 453 | 464 | dn 11 | 403 | 388 |
| Producing | 1044 | 1067 | dn 23 | 891 | 868 |
| Total US | 3276 | 3400 | dn 124 | 2897 | 2885 |
Bcf, or Billions of cubic feet. Source: Energy Information Administration, US Department of Energy
News & Views
| In trading on Nymex, February crude oil prices were down $0.20 at $82.98/barrel at 10.33 AM EST, this morning. February heating oil prices were down 0.64 cents to 2.1968/gallon. February RBOB prices were up 0.09 cents to $2.1375. February natural gas prices were up $0.054 to $6.063/mmBtu. This morning’s EIA report showed a drawdown of 153 bcf on expectations for a draw of 151 bcf. This eats into the surpluses against a year ago and against the five-year average. We apologize about being late this morning; we had a power outage briefly that set us back a couple hours. The most recent employment numbers suggest that job losses are moderating even more. The number out today showed fewer Americans filing for first-time claims than had been expected, rising by 1,000 to 434,000. The number of people receiving normal unemployment benefits dropped to 4.8 million in the previous week. 
Crude oil prices initially sold off after yesterday’s DOE figures, but they rallied into the close as traders started to look ahead to the likelihood of a strong draw in distillate stocks next week. | 
Heating oil prices were slightly lower yesterday in the early trading, but strong buying came in after that and pushed quotes higher on the day, which is where they finished the session. Trading this morning has been erratic as traders have tried to put everything into context. A stronger US dollar is keeping index funds on the sidelines, and they have been huge buyers this week, already. The DJIA was weaker earlier this morning and has just turned positive in the last few minutes and that has generated some buying. At the end of the day, the brutally cold weather remains a major factor in this market, and traders have the probability of there being a very strong distillate (heating oil) demand figure next week and that should give us a heavy drawdown from inventories. As long as we have this week’s very cold weather as a factor that is already “in the bank,” it is going to be difficult to generate any concerted selling in the oil complex. We have to expect this factor to come into play, especially on any afternoons during which prices may be lower. |
| Crude oil prices have broken and closed above $82.00. | |
The bulls have managed to print highs this week that have exceeded the highs seen during all of 2009. On Monday, it was heating oil, on Tuesday, it was gasoline, and yesterday crude oil prices broke and settled above $82.00/bbl.
An Illustrated Look at Energy Market Factors
A Look at the US Dollar Versus the Euro
Dollar-Euro (dollar in euro cents): Three-Month Bar-Chart 
The US dollar started out higher yesterday, but sold off later in the day. Today has seen the inverse of that, with initial selling giving way to stronger buying. This morning’s strength has kept the index funds from buying this morning, but they will be back on the first and slightest downtick.
Source: http://www.advfn.com/p.php?pid=forexqkchart&curcode1=USD&curcode2=EUR
A Look at the Dow Jones Industrial Average (djia)
Dow Jones Industrial Average: Six-Month Chart
The DJIA made new recent highs on Wednesday, but it is slightly lower as we go to press this morning (down 31.59 points). This is likely to continue to be a bullish factor for oil prices.
Source: http://money.cnn.com/quote/chart/chart.html?symb=djia&sid=1643&time=6mo&Submit1=Refresh
A Look at Temperatures
Temperatures remain on the cold side across large parts of the country today.
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| Wind chill factors are extreme and are likely to remain a factor through the week. |
Recommendations for Specific Market Segments
Heating Oil Distributors Heating oil prices were higher again yesterday. This week’s DOE report was not especially bullish for distillate, showing a draw of just 233,000 bbls. But, traders are all moving beyond this week’s figures and are looking ahead to next week’s numbers. As a result, we have to expect to see prices move higher over the next few sessions. Until we actually see next week’s figure, traders are likely to allow their imaginations to give them plenty of reasons to be buying in this market. If one were to take three giant steps back and look at inventories and demand in the context of historical numbers or averages, this would not be a bullish picture. But, looking at the market with one simple question nagging at one – is it more bullish or more bearish than it was yesterday – this market has been able to make new highs. We would hold caps and add to them on any foray into negative territory. We have objectives to 234, so we still expect prices to move higher from here. Diesel Users We would hold and add to capped-price protection here today. NYH Ultra Low Sulfur Diesel.…219.30-219.80 minus 0.750 USG Ultra Low Sulfur Diesel.…216.80-217.30 minus 3.250 Jet/Kerosene Users & Airlines New York Harbor cash market differentials were 1.75 to 2.00 cents over January heating oil in NY Harbor and 2.25 to 1.75 under the screen in the US Gulf. Diesel & Gasoline Marketers We want to be hedged against downside risk, despite the apparent bias to higher numbers. Gasoline Blenders & End-Users The market is headed higher and we see little, other than long liquidation, capable of stopping it here. Prompt NYH Fuel Ethanol…..204.00-206.00 Prompt USG Fuel Ethanol….195.00-197.00 Quotes from 01-06-10 Heating Oil End-Users We would hold and add to capped-price protection this morning. Speculators The market has everything lined up for higher prices. We would be buying into dips before 11 AM this morning. . Refiners The 7:5+2 crack spread was $7.36 yesterday. Crude Oil Producers Crude oil prices broke and settled above $82.00 yesterday, and that now gives us an immediate objective to $85.54. Further objectives higher, to as much as $99.00 may also come into play at some point. | Prompt Jet Fuel Prices New York Harbor 222.05-222.30 US Gulf 218.05-218.55 Midwest (Group Three) 219.30-221.30 Midwest (Chicago) 215.80-217.30 Los Angeles 221.00-222.00 San Francisco 221.00-222.00 Portland, Oregon 221.00-222.00 Cents per gallon Propane Prices Mont Belvieu……….…..non-TET………$1.423660 Cents per gallon  Gasoline prices followed yesterday’s DOE report into negative territory, but they then rallied to finish the day in positive territory. Prices are now approaching overbought territory, although they are not overbought enough, yet, to expect a major reversal. The trend is higher here, now.
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