Prices for January 20th, 2010
| HEATING OIL cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 204.45 | 199.89 | 202.11 | dn 02.43 | | MAR | 205.85 | 201.29 | 203.44 | dn 02.46 | | APR | 205.10 | 202.33 | 204.25 | dn 02.51 | | MAY | 206.23 | 203.57 | 205.22 | dn 02.51 | | JUN | 208.54 | 204.66 | 206.40 | dn 02.52 | | JUL | 208.64 | 207.00 | 208.26 | dn 02.54 | | AUG | 209.98 | 208.62 | 210.26 | dn 02.54 | | SEP | 212.36 | 211.00 | 212.56 | dn 02.54 | | OCT | 215.46 | 213.76 | 215.16 | dn 02.57 | | NOV | 218.10 | 216.45 | 217.84 | dn 02.54 | | DEC | 221.60 | 218.90 | 220.52 | dn 02.51 | | JAN | 223.50 | 222.45 | 223.09 | dn 02.46 | | Estimated Volume (day before) total all prev day 119,030 | | NYMEX CRUDE OIL dollars per barrel | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 79.03 | 76.96 | 77.62 | dn 01.40 | | MAR | 79.36 | 77.13 | 77.74 | dn 01.58 | | APR | 79.80 | 77.68 | 78.23 | dn 01.58 | | MAY | 80.37 | 78.35 | 78.85 | dn 01.55 | | JUN | 80.97 | 79.00 | 79.47 | dn 01.50 | | JUL | 80.77 | 79.57 | 80.07 | dn 01.46 | | | | | | | | | Estimated Volume… 771,503 Opec Basket…$75.53 dn $0.22
Prompt #2 Oil NYH 88..-1.25 to -1.00, 74 Lo S…-0.50 to -0.25
US Gulf 88 grade…-4.75 to -4.50, 74 grade Lo S…-3.75 to -3.25 Group .........-5.75 to -5.25 Lo S.....-5.75 to -5.25
Chicago ......-12.00 to -11.00 cash quotes by Dow Jones | | | |
| NYMEX RBOB GASOLINE cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 206.34 | 202.10 | 204.65 | dn 01.26 | | MAR | 207.75 | 203.50 | 205.76 | dn 01.59 | | APR | 216.17 | 213.16 | 215.22 | dn 01.90 | | MAY | 217.00 | 214.00 | 216.11 | dn 02.01 | | JUN | 219.14 | 214.62 | 216.50 | dn 02.18 | | JUL | 216.40 | 214.81 | 216.32 | dn 02.30 | | AUG | 215.12 | 214.70 | 215.79 | dn.02.37 | | SEP | 214.47 | 213.46 | 214.99 | dn 02.37 | | Estimated RB Volume day before 88,551 | | NYMEX NATURAL GAS dollars per mmBtu | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 5.624 | 5.464 | 5.496 | dn 0.061 | | MAR | 5.600 | 5.440 | 5.467 | dn 0.069 | | APR | 5.553 | 5.413 | 5.438 | dn 0.061 | | MAY | 5.541 | 5.464 | 5.488 | dn 0.058 | | | Estimated Volume…day before (310,893)
Nymex statistics are based on composite Access & Day Sessions
Prompt Gasoline NYH M5 -0.25 /+0.00 RBOB +7.00 /+7.50
US Gulf M4: -3.25 to -2.75 RBOB +2.75 to +3.25
L.A. Conv Reg 203.00-204.00, N-grade Group 201.85-202.35 Chi 198.85-199.35 | |
Market Review for Wednesday
HE US Dollar rallied to its highest level since August, 2009 – as problems in Europe combined with a general flight from risk and away from currencies – and commodities. China (somewhat) unexpectedly ordered the Bank of China to stop making new yuan-denominated loans. There is a good deal of fear that the world’s new economic locomotive is a reluctant leader of global growth. China does not want to be the economy that generates imports, growth and jobs for other nations; it wants the US and Europe, in addition to its Asian trading partners, to grow enough to buy the tons of exports China needs to keep jobs and its own economic growth going. China’s stimulus plan worked well, and the thinking in China is that it might have worked too well. There are growing signs of inflation and of an economy that may be growing in unfamiliar ways. That is something China’s leaders fear. They are terrified by the possibility that bubbles could get away from them, burst and then create unfamiliar political problems. Above all, China’s leaders fear the unfamiliar.
| Fuel for Thought Last week’s declines in commodities and currencies (other than the dollar) seemed like corrections at the time. Now, though, it looks like some of Wall Street’s smartest traders may have been looking for ways to hype prices on the upside – so they could hedge against any losses that might arrive once the economic recovery faltered. Chinese withdrawal is step one … . If equities decline severely soon, the other shoe will have dropped on the recovery. Once again, investors pushed commodities prices too high, and found that they could not shear consumers who could not spend a penny beyond the table, the boiler and the automobile gas tank. We don’t know how, but temperatures always find a way to exacerbate any emerging trend … . |
In other news out yesterday, Greece, a member of the euro-zone, is having trouble servicing its national debt, and its weakness was described as a sore that was spreading woe throughout the common-currency zone. It is not at the heart of the union – Germany and France are seen as the Eurozone’s twin, beating hearts – but it is important enough to push the 16-member euro beneath the pound sterling, which is under its own pressures.
As a result, we had the dollar breaking out to new recent highs and technically looking set to move higher. China seems to be the not-so-little locomotive which could – but won’t. And, in the US, the Democrats’ “super-majority” in the Senate was lost in Massachusetts, long considered the most liberal state in the union. That asks more questions than it answers.
We are starting to see the coordinated buying in December in an entirely new light. While it pushed the oil markets into position to register new highs in the first week of 2010, we would not be surprised to learn at a future date that some large investors may have “hedged” their long holdings on the new highs. That would explain the huge jump in open interest seen so far this year.
Technicals
The oil complex sold off again yesterday, and today’s reaction to the DOE report could well establish how much room there actually is in this market on the downside. At this stage, the upside is looking more and more limited, while the downside is starting to open up.
Cents per gallon
Above: Gasoline went to a premium (of 1.37 cents a gallon) over heating oil yesterday, its biggest January premium since 2006.
March crude oil now has buy-stops over $79.31-$79.47, $80.67, $82.35, $83.95, $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 $76.96, $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 204.45, 205.50, 208.10, 210.91, 211.90, 217.55, 222.72, 225.80, 227.05, 229.08, 238.95, 249.62, 251.50, 256.48, 265.89, 273.20, and 288.50. Sell stops are under 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, and 168.60. February RBOB has buy-stops over 206.35, 206.88-207.35, 208.30, 214.60, 219.27, 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 202.00, 200.95, 198.60, 194.55, 189.65, 185.00-185.15, 184.60, 182.40, 181.20, 179.20, 177.30, 175.14, 171.40, and 170.25.
Football: The bears gained 14 yards on second and 20 yards to go, and that makes it third and six to go here, today.
Technical Support & Resistance
Mar crude oil Support: $76.95-$77.10, $76.00-$76.20, $74.25-$74.40, $72.70-$72.85, $71.95-$72.05.
Resistance: $78.95-$79.05, $79.31-$79.47, $80.55-$80.67, $82.25-$82.35, $83.85-$83.95.
Feb heating oil Support: 199.80-200.00, 195.00-195.20, 191.00-191.20, 190.00-190.15, 189.55-189.70.
Resistance: 204.30-204.45, 205.40-205.50, 207.95-208.10, 210.80-210.91, 211.75-211.90.
Feb Rbob Support: 203.45-203.60, 202.10-202.25, 200.95-201.10, 198.60-198.75, 194.55-194.70.
Resistance: 206.25-206.35, 207.25-207.35, 208.10-208.30, 214.45-214.60, 219.10-219.30.
Oil Inventory Reports
This week’s DOE report has historically shown builds in crude oil and gasoline stocks, while also showing declines in refinery utilization rates. Refinery capacity being utilized has fallen this week in each of the last eight years. Gasoline stocks have increased in seven of the eight years, distillate stocks have fallen in five of the last eight years and crude oil stocks have increased in seven of the last eight years. Crude oil imports have been higher in three years and lower in three years, but the declines have been bigger than the increases.
Last Week’s Inventory Comparison: Distillate stocks are now 15.0 million bbls, or 10.32%, higher than a year ago. Heating oil inventories are 1.5 mln bbls, or 3.70%, higher than they were a year ago. Gasoline stocks are 9.0 mln bbls (up 4.20%) higher against a year ago. Crude oil stocks are now 0.9 million bbls, or 0.27%, lower than a year ago. Residual stocks are 1.5 mln bbls (4.18%) higher than a year ago, jet fuel stocks are 3.9 mln bbls, (10.13%) higher than a year ago. Utilization is 3.90% lower than a year ago and 7.87% below the eight-year average. It is 10.37% lower than the four-year, pre-Katrina average and 5.37% below the average of the four years since the big hurricanes (Katrina & Rita) in 2005.
Last Week’s Demand: Four-week, total refined products demand came in at 19.192 million bpd, down 0.234 mln bbls on the week, and down 0.180 mln bpd and 0.94% against a year ago. Thirteen weeks ago, it was 0.900 mln bpd and 5.03% higher than a year ago. Four-week gasoline demand is at 8.900 mln bpd, up 0.36%, compared to up 6.23% 13 weeks ago. Four-week distillate demand is now at 3.701 mln bpd, down 4.02%, compared to down 0.98% one week ago. Four-week jet demand is now at 1.430 mln bpd, up 3.17%, compared to up 8.17% one week ago. Four-week residual fuel demand is at 0.472 mln bpd, down 36.22%, compared to down 1.19% eight weeks ago. Propane use is up 13.31%, at 1.549 mln bpd, compared to being up 17.63% six weeks ago. Most figures were lower this week than last.
This Week’s API Report: This week’s API report showed a draw of 1.802 mln bbls in crude oil stocks, a draw of 3.385 mln bbls in distillate stocks and a build of 0.667 mln bbls in gasoline inventories. Utilization was down 2.5% to 77.3%. Implied demand came in at 8.945 mln bpd in gasoline and at 4.303 mln bpd in distillate. Crude oil imports were up 0.071 mln bpd to 9.800 mln bpd. This report was more in line with what had been expected a week ago; it was bullish.
DOE Weekly Inventory Statistics
| Category | Final DOE Estimate
This Week’s Estimate | History
Last Year’s Report | Most Recent Changes
Last Week’s DOE Report | Versus A Year Ago
Millions of Barrels |
| Distillate | dn 2.25 to 2.75 mln bbls | up 0.790 | up 1.353 mln bbls | up 15.000 |
| Gasoline | up 2.00 to 2.50 | up 6.475 | up 3.791 | up 9.000 |
| Crude oil | up 2.00 to 3.00 | up 6.100 | up 3.699 | dn 0.900 |
| Utilization | dn 0.8% to 1.3% | dn 1.9% at 83.3% | up 1.40% at 81.30% | |
| Crude Imports | dn 0.000 to 0.250 mmbd | up 0.137 to 9.866 | up 0.540 to 8.895 mln bpd | |
| DOE Distillate Demand | 3.614 mln bpd | up 068,000 | Gasoline Demand | 8.740 mln bpd | dn 001,000 |
| DOE Distillate Production | 3.855 mln bpd | up 046,000 | Gasoline Production | 8.511 mln bpd | dn 560,000 |
| DOE Distillate Imports | 0.537 mln bpd | up 248,000 | Gasoline Imports | 0.892 mln bpd | up 108,000 |
Source: US Department of Energy’s Energy Information Administration
Open Interest Analysis
Crude oil open interest fell by 5,252 contracts on Tuesday, when prices were higher. That looks like short-covering, which would be a bearish development. The February contract expired yesterday, and that was a factor.
Heating oil open interest fell by 4,590 contracts on Tuesday, when prices were mixed. That looks like long liquidation and short-covering and seems to be neutral.
RBOB open interest grew by 3,451 contracts on Tuesday when prices were higher. That looks like new buying and is supportive.
Natural gas open interest grew by 4,582 on Tuesday, when prices were lower. Open interest is up 76,992 contracts so far this new year. That looks like fresh selling, on Tuesday, which would be negative. It is hard to sort the buying from selling.
Tuesday’s Open Interest Changes:
Crude 1,324,903 dn 5,252 Heat 311,199 dn 4,590 RBOB 273,395 up 3,451 Nat gas 782,549 up 4,582
CFTC Commitments of Traders for Nymex (for the period ended Tuesday, Jan. 5th)
Crude oil prices gained $2.90/bbl over the latest reporting period, and the best buying came from producers, who added 5,721 new longs and covered 3,655 shorts. The other categories were net sellers, with swap dealers liquidating 166 longs and adding 5,828 shorts. Managed money liquidated 2,148 longs and added 1,906 shorts. Other reportables liquidated 890 longs and added 2,375 new shorts. These changes were unexpected; we expected more buying by funds, which may have come later.
In heating oil futures, prices gained 7.75 cents a gallon, and the best buying came from managed money accounts. They bought 9,302 new longs against only 1,443 new sales. Swap dealers were minor buyers, with 218 new purchases and 266 covered shorts. Producers liquidated 12,559 longs and covered 2,028 shorts, and other reportables liquidated 1,529 longs and added 514 new shorts. Funds were the ones pushing prices higher in heating oil futures.
Gasoline prices were up 9.60 cents a gallon during the period under review. Managed money added 15,583 new longs and only 118 new shorts. Producers liquidated 10,528 longs and added 6,298 new shorts. Swap dealers liquidated 712 longs and added 122 shorts, while other reportables liquidated 227 longs and added 280 new shorts. Funds pushed prices higher, here.
In natural gas, prices dropped 20.3 cents during the period under review. Large speculators sold 9,624 new contracts, with money managers selling 9,656 contracts. Swap dealers were the best buyers, adding 6,945 contracts, with assorted “other reportables” adding 841 contracts. The short position of money managers is a huge mystery, clearly being spread somewhere.
Natural Gas & Utility Generation
Natural gas prices were lower yesterday, as gas traders reacted to declines in oil prices and the fresh set of concerns these raised about the state of the economic recovery. There has not been anything released that has told the world definitively that the recovery has lost enough steam to call it a “W” or some other letter than suggests a longer delay before things return to normal – yet. But, the data that has been released has been disappointing. At this stage, traders and investors alike are awaiting something definitive that can tell us the recovery is coming or that it will be delayed.
Traders were selling yesterday, but the downside was limited by expectations for this week’s EIA report. Dow Jones is looking for a drawdown of 217 bcf, while Bloomberg is calling for a draw of 228-231 bcf. Its range of expectations came in between draws of 198 bcf and 255 bcf. For this report, the eight-year average (of similar Friday reports) was a draw of 163.87 bcf. The five-year average was a draw of 164.2 bcf. Last year’s draw was 176 bcf. If this week’s figure comes in near expectations, we will see another decline in the surpluses against the five-year average and against a year ago.
One can see, from the numbers above, that today’s report has the potential to be bullish. If we get a drawdown near expectations, we will cut into the surpluses. But, the bigger question after the report [has been released] will be: What’s next? And, with temperature forecasts calling for warmer weather, but with another cold spell possible in February, it might not take all that much more cold this winter to get rid of the surpluses against a year ago and against the multi-year averages. Traders were not expecting this week’s report to have the potential to eat into surpluses as substantially as it now seems capable. The changes [against the surpluses] made in the last two reports may turn out to be more than was seen in some entire seasons.
That possibility sets us up with half a dozen possible scenarios today. If this week’s report shows a drawdown in line or greater than expectations, it could take another 50 or 60 bcf off against the year-on-year and five-year comparisons. That might be enough to return as a factor, after any selling on a lack of weather, after the report has come out. We could see a progression of reactions, first to the figure, then the weather, then the comparisons.
In cash trading yesterday, Henry Hub prices were at $5.44-$5.59, up 0.03 and down $0.03 on the day (DJN). SoCal prices were at $5.55-$5.75, up $0.09 and down $0.02 on the day. El Paso Permian prices were down $0.00-$0.07 at $5.28-$5.45. Katy prices were down $0.01-$0.02 to $5.35-$5.53. Waha prices were down $0.02-$0.04 at $5.30-$5.44. Transco 6 was up $0.01-$0.02 at $6.04-$6.15/mmBtu, according to Dow Jones News (DJN).
Palo Verde prices were last quoted at $46.75-$49.50/mwh. Northeastern prices last traded at $40.75-$54.50. Entergy was last at $37.75-$38.25. Ercot was last at $41.75-$42.25/mwh.
Support is at $5.42-$5.45, $5.35-$5.38, $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, and $2.69-$2.70. Resistance is at $5.62-$5.63, $5.68-$5.70, $5.78-$5.81, $5.87-$5.90, $5.99-$6.03, $6.09-$6.11, $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: $5.42-$5.45, $5.35-$5.38, $5.31-$5.33, $5.19-$5.21, $5.12-$5.14, $4.96-$4.99.
Resistance: $5.62-$5.63, $5.68-$5.70, $5.78-$5.81, $5.87-$5.90, $5.99-$6.03, $6.09-$6.11.
Natural gas prices are still testing the major trendline support.
Dollars per million Btu
Natural gas prices are in a range between $5.35 and $6.11 for now. The lower range could be expanded.
Dollars per million Btu
EIA Weekly Storage Figures
Last week’s EIA report showed a draw of 266 bcf on expectations for a draw of 254-256 bcf. Stocks are now 103 bcf higher than a year ago, against a surplus of 286 bcf a week ago, a surplus of 379 bcf two weeks ago and a surplus of 359 bcf three weeks ago. Stocks are now 3.75% higher than a year ago. They are 121 bcf and 4.43% above the five-year average.
For this week, the eight-year average (of similar Friday reports) was a draw of 163.87 bcf. The five-year average was a draw of 164.2 bcf. Last year’s draw was 176 bcf. Expectations are for a draw of 217-231 bcf.
EIA Report
| Region | 01-08-10 | 01-01-09 | Change | Last Year | 5 Yr Avg |
| Cons East | 1532 | 1678 | dn 146 | 1478 | 1526 |
| Cons West | 414 | 434 | dn 20 | 372 | 361 |
| Producing | 906 | 1006 | dn 100 | 899 | 844 |
| Total US | 2852 | 3118 | dn 266 | 2749 | 2731 |
Bcf, or Billions of cubic feet. Source: Energy Information Administration, US Department of Energy
News & Views
| In trading on Nymex, March crude oil prices were up $0.22 at $77.96/barrel at 9.30 AM EST, this morning. February heating oil prices were up 0.42 cents to 2.0253/gallon. February RBOB prices were up 1.04 cents to $2.0569. February natural gas prices were up $0.128 to $5.624/mmBtu. Traders were buying ahead of this week’s major supply & demand statistics, which now seem likely to be more bullish than initially expected. DOE Expectations The table below lists the final survey results for Dow Jones, Bloomberg and Reuters. The DOE report will be released at 10:30 AM EDT on Thursday morning this week. Category Dow Jones Bloomberg Reuters Crude up 1.900 up 2.400 up 2.400 mln bbls Distillate dn 0.200 dn 0.000 dn 0.100 Gasoline up 1.300 up 2.000 up 1.700 Utilization dn 0.4% dn 0.5% dn 0.4% 
Crude oil prices had bounced higher on Tuesday, after finding support at the trendline drawn in red above. Yesterday’s activity was weak, and prices need more resilience to avoid selling off here. | 
Heating oil prices finished lower yesterday after rallying on Tuesday. There is still some support above 200.00, and prices should find support somewhere. This week’s DOE report is up next. DOE History: Distillate stocks have fallen in five of the last eight years, by an average of 2.480 mln bbls. The eight-year average is a draw of 1.139 mln bbls. Gasoline stocks rose in seven of the last eight years, for a seven-year build of 2.925 mln bbls and an eight-year average build of 2.272 mln bbls. Crude oil stocks have been higher in seven of the last eight years for a seven-year average build of 2.612 mln bbls and it has an eight-year average build of 2.000 mln bbls. Utilization has been lower in all of the last eight years and has an eight-year average decrease of 1.20%, and it has an eight-year average utilization figure of 87.98%. The four-year, pre-hurricane utilization average was 90.1%. Since Katrina, refineries have run at an average utilization rate of 85.85%. Crude oil imports have been higher in three of the last six years, and the average crude oil import figure over the last six years has been down 168,000 bpd. The average crude oil import figure over the last six years has been 9.891 million bpd. Imports have been trending well below those numbers recently. |
| Crude oil prices are at a critical point, here. | |
Last night’s API report showed distillate demand and had a decent withdrawal from inventories. We expect today’s DOE report to follow along the lines laid out by the API numbers, which should give us support in oil prices today.
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 broke decisively higher yesterday, and the breakout gives us a swing objective to the 72.80 euro area. Prices initially broke below support a week ago, after having consolidated between 69.00 and @ 70.20 euros. Yesterday’s break took prices almost three-quarters of a euro over resistance, giving us our existing objective to 72.80 euros.
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 was down 122.28 points yesterday, and the stock market has very clearly lost its upward momentum. The bulls have not given in, yet, but if this shoe drops, hopes for the economy will take a huge step backwards.
Source: http://money.cnn.com/quote/chart/chart.html?symb=djia&sid=1643&time=6mo&Submit1=Refresh
Recommendations for Specific Market Segments
Heating Oil Distributors Heating oil prices were lower yesterday, but last night’s API report showed demand figures (4.303 million bpd) and inventory changes more in line with the cold weather seen two weeks ago. It now seems that there was a delay in the movement from primary to secondary to tertiary (homeowners’ tanks). Should we see the API figures borne out by this morning’s DOE report, which seems quite likely, there will be a new element of support in this market. Curiously, the most likely source of fresh support seems likely to come from today’s DOE numbers, rather than from economic or financial source. If we do get that support today, prices could turn back up. Of course, we could then find ourselves watching temperature forecasts much more closely after that. In any event, last night’s API report suggests that we should hold or possibly add to caps here. Diesel Users We would hold capped-price protection here. NYH Ultra Low Sulfur Diesel.…201.85-202.35 minus 0.000 USG Ultra Low Sulfur Diesel.…198.85-199.35 minus 3.000 Jet/Kerosene Users & Airlines New York Harbor cash market differentials were 4.75 to 5.00 cents over January heating oil in NY Harbor and 0.25 over to 0.50 over the screen in the US Gulf. We still like locking in differentials. Diesel & Gasoline Marketers We would keep product hedged, because we just can’t tell where prices might next go. We had a rally yesterday. Gasoline Blenders & End-Users This week is likely to be critical in determining if prices are going higher or lower next. Prompt NYH Fuel Ethanol…..186.00-189.00 Prompt USG Fuel Ethanol….179.00-181.00 Quotes from 01-20-10 Heating Oil End-Users We would hold caps. Today’s DOE report should set the tone, and last night’s API report seems to have been more supportive. Speculators We would hold onto long call positions, but would not add now. Refiners The 7:5+2 crack spread was $8.03 yesterday. Crude Oil Producers Prices were lower yesterday, but today’s DOE report should set the tone for price movements here, today. | Prompt Jet Fuel Prices New York Harbor 206.85-207.10 US Gulf 202.35-202.60 Midwest (Group Three) 202.60-204.60 Midwest (Chicago) 199.50-201.50 Los Angeles 205.00-206.00 San Francisco 205.00-206.00 Portland, Oregon 205.00-206.00 Cents per gallon Propane Prices Mont Belvieu……….…..non-TET………$1.256000 Cents per gallon  Gasoline prices still were above their trendline yesterday, but prices ended the day in negative territory, nonetheless. Until they finish under this trendline, the trend will still be higher.
This market remains pointed higher, but today’s DOE report could make a difference. |