Prices for January 28th, 2010
| HEATING OIL cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 193.67 | 190.25 | 191.91 | up 00.23 | | MAR | 194.76 | 191.05 | 192.90 | up 00.23 | | APR | 195.29 | 191.69 | 193.52 | up 00.18 | | MAY | 195.93 | 192.94 | 194.39 | up 00.10 | | JUN | 197.03 | 194.10 | 195.55 | up 00.11 | | JUL | 198.33 | 196.22 | 197.47 | up 00.13 | | AUG | 200.38 | 197.90 | 199.47 | up 00.14 | | SEP | 202.30 | 200.30 | 201.76 | up 00.14 | | OCT | 204.73 | 202.80 | 204.26 | up 00.09 | | NOV | 206.80 | 205.90 | 206.69 | up 00.02 | | DEC | 210.93 | 207.60 | 209.12 | dn 00.05 | | JAN | 213.47 | 210.00 | 211.55 | dn 00.07 | | Estimated Volume (day before) total all prev day 129,964 | | NYMEX CRUDE OIL dollars per barrel | | MONTH | HIGH | LOW | SETTLE | CHANGE | | MAR | 74.49 | 72.93 | 73.64 | dn 00.03 | | APR | 74.92 | 73.40 | 74.07 | dn 00.08 | | MAY | 75.49 | 73.99 | 74.64 | dn 00.11 | | JUN | 76.07 | 74.57 | 75.18 | dn 00.14 | | JUL | 76.64 | 75.12 | 75.72 | dn 00.17 | | AUG | 76.78 | 75.65 | 76.22 | dn 00.19 | | | | | | | | | Estimated Volume… 613,842 Opec Basket…$71.87 dn $0.07
Prompt #2 Oil NYH 88..-0.75 to -0.25, 74 Lo S…+0.75 to +1.25
US Gulf 88 grade…-5.00 to -4.75, 74 grade Lo S…-3.50 to -3.00 Group .........-4.00 to -3.25 Lo S.....-4.00 to -3.25
Chicago ......-7.75 to -6.75 cash quotes by Dow Jones | | | |
| NYMEX RBOB GASOLINE cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | FEB | 195.62 | 190.25 | 191.74 | dn 02.18 | | MAR | 196.50 | 191.14 | 192.74 | dn 02.00 | | APR | 205.87 | 201.56 | 203.20 | dn 01.22 | | MAY | 206.55 | 202.69 | 204.30 | dn 01.00 | | JUN | 206.47 | 203.30 | 204.73 | dn 00.87 | | JUL | 206.39 | 203.60 | 204.49 | dn 00.80 | | AUG | 205.69 | 203.92 | 203.85 | dn 00.77 | | SEP | 203.07 | 202.33 | 202.98 | dn 00.79 | | Estimated RB Volume day before 109,792 | | NYMEX NATURAL GAS dollars per mmBtu | | MONTH | HIGH | LOW | SETTLE | CHANGE | | MAR | 5.258 | 5.060 | 5.138 | dn 0.086 | | APR | 5.236 | 5.056 | 5.128 | dn 0.078 | | MAY | 5.286 | 5.110 | 5.181 | dn 0.077 | | JUN | 5.356 | 5.196 | 5.252 | dn 0.077 | | | Estimated Volume…day before (208,119)
Nymex statistics are based on composite Access & Day Sessions
Prompt Gasoline NYH M5 -0.00 /+0.25 RBOB +4.25 /+4.75
US Gulf M4: -4.25 to -4.00 RBOB +0.75 to +1.50
L.A. Conv Reg 199.00-200.00, N-grade Group 188.90-189.15 Chi 184.50-185.50 | |
Market Review for Thursday
IL prices tried to advance yesterday, with buying in Asia overnight, reportedly in response to Wednesday night’s State of the Union and some of its more upbeat notes reinforcing the outlook for economic recovery. American traders were slightly less enthusiastic over the immediate prospects for recovery, and yesterday’s reports on unemployment and durable goods did not provide the market with the backbone of hope that Asian traders had read into the president’s speech. In any event, movements in the US dollar (higher) and the stock market (lower) eclipsed yesterday’s reports.
Gasoline prices led the oil complex lower yesterday, with traders continuing to focus on plentiful supplies (gasoline inventories are now 13.0 million barrels, or 6.01%, higher than a year ago) and spotty demand (four-week consumption is now 0.83% lower than the same aggregate average one year ago). Crude oil prices followed, despite this week’s undiscounted drawdown of 3.9 million bbls. Traders were talking about 13-year record low crude runs, now at just 13.6 million bpd.
| Fuel for Thought In other news this week, Iraq is actively looking for foreign investment to increase its oil production. It has targeted an increase of 50% at its northern Kirkuk fields, looking to spur output from 670,000 bpd to a million bpd. This is part of an ongoing effort to restore Iraqi output to pre-1980 levels and then to surpass them. It produced 3.5 mln bpd in 1979. Venezuela is also looking for foreign investment, especially in its giant Orinoco field, which is estimated to hold 235 billion barrels. Of course, Hugo Chavez has not exactly made foreign oil companies feel welcome in recent years, after imposing arbitrary and excessive fees or royalty requirements, in some cases resembling outright nationalization. |
The EIA reported in its monthly report yesterday that November oil use was 18.55 million bpd, down 2.6% against a year ago. Revised November oil consumption was 0.9% less than seen in October. It was also the lowest for November since 1996. November distillate consumption was the lowest for the month since 1998, coming in at 3.549 million bpd, down 8.3% against 2008. November gasoline demand was the lowest since 2002. November crude imports were down 12.4% against a year ago. US exports of distillate in November, averaging 558,000 bpd, were the highest since records started being kept in 1945. The Netherlands was the biggest importer of US distillate.
Orders for capital goods increased in December, suggesting a higher level of business investment that could help the economy grow in the US, Bloomberg reported yesterday. Shipments of non-defense capital goods increased by 2.2% in December, the biggest gain since February, 2007. Bookings for future shipments climbed 1.3%. Bloomberg says that these figures suggest that business investment contributed to growth in the fourth quarter. We will get a look at fourth quarter GD today.
Technicals
Oil prices were lower yesterday, and it looks like we have had heavy long liquidation in gasoline, which lost more than 8,700 contracts on Tuesday. All three contracts broke and settled below recently established support levels, yesterday. The near-term trends are all pointed lower, here.
Dollars per barrel
Above: Crude oil prices have had similar declines without destroying the underlying uptrend. Prices are in a large range.
March crude oil now has buy-stops over $74.50, $75.10, $75.42, $76.50, $78.36, $79.31-$79.47, $80.67, $82.35, $83.95, $84.83, $85.13, $89.82, $90.99, $93.02, $96.03, and $100.37. Sell-stops are under $72.65, $71.99, $71.20, $70.55, $69.30, $68.55, $68.00, $65.80-$66.20, and $64.95. March heating oil has buy-stops over 194.76, 196.45, 196.92, 199.60, 203.51, 204.45, 205.50, 208.10, 210.91, 211.90, 217.55, 222.72, 225.80, 227.05, 229.08, 238.95, 249.62, and 251.50. Sell stops are under 191.00, 189.55, 188.70, 187.00, 186.50, 182.63, 177.00, 176.68, 173.75, 171.10, 170.35, and 168.60. March RBOB has buy-stops over 196.50, 198.10, 200.45, 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 191.00-191.15, 190.00, 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 were stopped at scrimmage on fourth and two, which suggests that the bulls are now in control.
Technical Support & Resistance
Mar crude oil Support: $72.65-$72.85, $71.95-$72.05, $71.20-$71.30, $70.55-$70.65, $69.30-$69.45.
Resistance: $74.40-$74.50, $75.00-$75.10, $75.35-$75.42, $76.35-$76.50, $78.25-$78.36.
Mar heating oil Support: 191.00-191.20, 190.00-190.15, 189.55-189.70, 188.70-188.85, 187.00-187.20.
Resistance: 194.65-194.80, 196.35-196.45, 196.80-196.92, 199.45-199.60, 203.40-203.51.
Mar Rbob Support: 191.00-191.20, 189.65-189.75, 185.00-185.15, 184.60-184.75, 182.40-182.55.
Resistance: 196.30-196.50, 197.90-198.10, 200.30-200.45, 206.25-206.35, 207.25-207.35.
Oil Inventory Reports
This week’s DOE report showed a surprising drawdown in crude oil stocks. Observers had expected a build, so the fact that there was a drawdown – a large drawdown – should have been seen as a bullish factor. Refined products inventories were higher, which was surprising for distillate stocks, which had been expected to be lower. Refinery utilization was up 0.1%, but throughput reached its lowest level (13.6 mln bpd) in 13 years. Crude oil imports dropped again, and are now beneath 8 million bpd. Distillate imports jumped higher, which was surprising. Consumption continued to weaken almost across the board.
This Week’s Inventory Comparison: Distillate stocks are now 13.2 million bbls, or 9.15%, higher than a year ago. Heating oil inventories are 2.3 mln bbls, or 5.91%, higher than they were a year ago. Gasoline stocks are 13.0 mln bbls (up 6.01%) higher against a year ago. Crude oil stocks are now 17.5 million bbls, or 5.08%, lower than a year ago. Residual stocks are 2.2 mln bbls (6.18%) higher than a year ago, jet fuel stocks are 4.0 mln bbls, (10.08%) higher than a year ago. Utilization is 4.00% lower than a year ago and 8.50% below the eight-year average. It is 10.10% lower than the four-year, pre-Katrina average and 6.90% 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 18.753 million bpd, down 0.045 mln bbls on the week, and down 0.376 mln bpd and 1.97% against a year ago. Three weeks ago, it was 0.050 mln bpd and 0.26% higher than a year ago. Four-week gasoline demand is at 8.676 mln bpd, down 0.23%, compared to up 0.32% three weeks ago. It fell 113,000 bpd on the week. Four-week distillate demand is now at 3.677 mln bpd, down 8.12%, compared to down 0.98% three weeks ago. Four-week jet demand is now at 1.388 mln bpd, up 1.53% against a year ago, compared to up 8.17% three weeks ago. Four-week residual fuel demand is at 0.490 mln bpd, down 31.28%, compared to down 1.19% 10 weeks ago. Propane use is up 18.18%, at 1.596 mln bpd.
This Week’s API Report: This week’s API report showed a draw of 2.225 mln bbls in crude oil stocks, a draw of 1.978 mln bbls in distillate stocks and a build of 0.916 mln bbls in gasoline inventories. Utilization was up 0.3% to 77.6%. Implied demand came in at 8.859 mln bpd in gasoline and at 4.468 mln bpd in distillate. Crude oil imports were down 1.487 mln bpd to 8.313 mln bpd. The drawdown in crude oil stocks was unexpected, but came on much lower imports and higher utilization.
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 2.50 to 3.00 mln bbls | dn 1.005 | up 0.400 mln bbls | up 13.200 |
| Gasoline | up 1.75 to 2.25 | dn 0.121 | up 2.000 | up 13.000 |
| Crude oil | up 2.50 to 3.50 | up 6.218 | dn 3.900 | dn 17.500 |
| Utilization | dn 0.5% to 1.0% | dn 0.8% at 82.5% | up 0.10% at 78.50% | |
| Crude Imports | up 0.000 to 0.250 mmbd | dn 0.158 to 9.708 | dn 0.673 to 7.867 mln bpd | |
| DOE Distillate Demand | 3.725 mln bpd | dn 098,000 | Gasoline Demand | 8.619 mln bpd | up 017,000 |
| DOE Distillate Production | 3.516 mln bpd | up 033,000 | Gasoline Production | 8.636 mln bpd | up 071,000 |
| DOE Distillate Imports | 0.658 mln bpd | up 386,000 | Gasoline Imports | 0.823 mln bpd | up 093,000 |
Source: US Department of Energy’s Energy Information Administration
Open Interest Analysis
Crude oil open interest fell by 14,050 contracts on Wednesday, when prices were lower. That looks like heavy long liquidation, which would be theoretically supportive.
Heating oil open interest fell by 739 contracts on Wednesday, when prices were lower. That looks like light, long liquidation, which would be supportive. Longs getting out can theoretically return to buy later.
RBOB open interest fell by 2,887 contracts on Wednesday when prices were lower. That looks like long liquidation and suggests that the longs that bought earlier in the month are now liquidating holdings.
Natural gas open interest grew by 4,963 on Wednesday, when prices were lower. That looks like new selling, which would be bearish.
Wednesday’s Open Interest Changes:
Crude 1,306,913 dn 14,050 Heat 314,589 dn 739 RBOB 258,693 dn 2,887 Nat gas 774,850 up 4,963
CFTC Commitments of Traders for Nymex (for the period ended Tuesday, Jan 19th)
Crude oil prices dropped $1.77bbl over the latest reporting period, and the best selling came from the “producer” category, which sold 14,219 new shorts and bought 10,294 new longs. Other reportable positions liquidated 8,462 longs and covered 5,789 shorts. There was net buying from swap dealers and managed money, with swap dealers adding 867 new longs and covering 700 shorts. Managed money liquidated 2,554 longs and covered 3,939 shorts.
In heating oil futures, prices dropped 8.64 cents a gallon, and the best net selling came from managed money accounts. They liquidated 12,289 long accounts and covered just 243 shorts. Everyone else was a net buyer, with producers liquidating 4,926 longs and covering 15,883 shorts, swap dealers adding 4,463 longs and covering 122 shorts, and other reportables buying 82 and covering 83 contracts. Fund selling pushed quotes lower.
Gasoline prices dropped 3.87 cents a gallon during the period under review. Managed money liquidated 3,011 longs and added 190 new shorts. Producers added 8,631 new longs and 4,968 new shorts. Swap dealers liquidated 597 longs and covered 146 shorts. Other reportables added 152 longs and covered 82 shorts. Funds pushed prices lower, here.
In natural gas, prices dropped 3.4 cents during the period under review. Producers added 8,443 longs and 8,327 shorts. Swap dealers added 4,622 new longs and covered 104 shorts, while other reportables liquidated 721 longs and added 5,506 new shorts. Managed money accounts liquidated 742 longs and covered 2,057 shorts. Other reportables were the best sellers.
Natural Gas & Utility Generation
Natural gas prices were under selling pressure shortly after New York opened (for open outcry) this morning, and they came under redoubled selling after this week’s EIA underground storage figures were released. As expected, the negligible surpluses (against a year ago and against the five-year average) jumped substantially. That was going to be the case even if this week’s drawdown had come in near expectations. In the event, though, the report failed to do even that. It was disappointing in both relative and absolute terms.
The EIS showed a draw of 86 bcf, 100 bcf less than reported a year ago (for the equivalent week, using Friday’s figures). Expectations (from surveys compiled by Dow Jones and Bloomberg) had been for a drawdown of 104 bcf to 108 bcf. In relative terms, as a result, this report was roughly 20 bcf below expectations. Compared to the five-year averages, this week’s draw was 93 bcf to 98 bcf short, and that boosted the surplus against the five-year average from 6 bcf and 0.23% below the average to 87 bcf and 3.57% above the average. Against a year ago, the surplus jumped from 22 bcf (0.85%) more to 120 bcf and a full 5.00% more. It went from being statistically even with the past back to being well above its historical levels.
The selling was not as heavy as it had been on Tuesday and Wednesday, during which traders had been getting out of their long positions in the expiring February contract at the same time that they had been discounting a return to surpluses. A good proportion of the selling had already been seen going into yesterday’s statistics. Nonetheless, it fell short of being a short-covering session with traders just looking to book profits on positions established ahead of the report.
In the excitement of some large changes in underground storage numbers these last two weeks, a subtle change has occurred in this market. This week, the conversation has shifted slightly from temperatures and storage levels to current methods of production, which are revolutionary in terms of speed and efficiency. One factor behind selling this week has been the dawning appreciation that current production can be its own overwhelming factor on the supply side, especially as we get nearer warmer weather.
In cash trading yesterday, Henry Hub prices were at $5.18-$5.38, down 0.12-$0.17 on the day (DJN). SoCal prices were at $5.38-$5.46, down $0.12-$0.14 on the day. El Paso Permian prices were down $0.10-$0.11 to $5.18-$5.27. Katy prices were down $0.11-$0.14 to $5.10-$5.25. Waha prices were down $0.06-$0.11 at $5.19-$5.30. Transco 6 was up $2.58-$9.90 at $8.50-$16.00/mmBtu, according to Dow Jones News (DJN).
Palo Verde prices were last quoted at $42.00-$44.00/mwh. Northeastern prices last traded at $51.95-$71.75. Entergy was last at $47.50-$48.40. Ercot was last at $44.00-$47.50/mwh.
Support is at $5.12-$5.14, $5.06-$5.08, $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 $5.25-$5.27, $5.48-$5.50, $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.
Mar Natural Gas: Support: $5.12-$5.14, $5.06-$5.08, $4.96-$4.99, $4.83-$4.85, $4.64-$4.66, $4.40-$4.43.
Resistance: $5.25-$5.27, $5.48-$5.50, $5.71-$5.73, $5.87-$5.90, $5.99-$6.03, $6.09-$6.11.
Natural gas prices fell further yesterday, confirming the breakdown below the trendline.
Dollars per million Btu
Natural gas prices may come back quite a bit here.
Dollars per million Btu
EIA Weekly Storage Figures
This week’s EIA report showed a draw of 86 bcf on expectations for a draw of 104-108 bcf. Stocks are now 120 bcf higher than a year ago, against a surplus of 22 bcf a week ago, a surplus of 103 bcf two weeks ago and a surplus of 286 bcf three weeks ago. Stocks are now 5.00% higher than a year ago. They are 87 bcf and 3.57% above the five-year average.
For this week, the eight-year average (of similar Friday reports) was a draw of 184.38 bcf. The five-year average was a draw of 184.4 bcf. Last year’s draw was 186 bcf. Estimates were for a draw of 104-108 bcf.
EIA Report
| Region | 01-22-10 | 01-15-09 | Change | Last Year | 5 Yr Avg |
| Cons East | 1334 | 1401 | dn 67 | 1231 | 1348 |
| Cons West | 380 | 396 | dn 16 | 355 | 320 |
| Producing | 807 | 810 | dn 03 | 815 | 765 |
| Total US | 2521 | 2607 | dn 86 | 2401 | 2434 |
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 $0.01 at $73.65/barrel at 8.30 AM EST, this morning. February heating oil prices were down 0.26 cents to 1.9165/gallon. February RBOB prices were up 0.66 cents to $1.9240. March natural gas prices were up $0.111 to $5.249/mmBtu. There was buying in Asia early this morning, as traders saw existing prices as bargains. February refined products contracts expire today, and there was some short-covering, as a result. That could make trading volatile and choppy today. Prices have rallied since, partially on the release of the fourth quarter Gross Domestic Product (GDP) figures. GDP was up 5.7%, annualized, the largest growth rate seen since 2003. This report helped oil prices, but it also boosted the US dollar, as traders saw the US as the strongest of its major trading partners (not stronger than China). Equities were also boosted by the figures, and the DJIA was up 65 points as we went to press this morning. Crude was last up 55 cents. 
Crude oil prices had an inside trading day yesterday. Prices finished down three cents, which is essentially unchanged on the day. There is light support at Wednesday’s low at $72.65. | 
Heating oil prices finished up 0.23 cents per gallon yesterday, in an inside trading session. There is light support at Wednesday’s low at 189.58. The near-term trend is lower. In the latest demonstration that it marches to a different drummer, North Korea held live-fire artillery exercises along its border with South Korea for a second day yesterday. It also scrambled fighter jets and naval craft as part of an “exercise.” South Korean President Lee Myung-bak told reporters that he is willing to meet with North Korean leader Kim Jong Il at any time, but added that any summit would need to include talks on North Korea’s nuclear weapons. International diplomats are keen to get Pyongyang back to the negotiating table in the so-called “six-party” talks, but North Korea has its own hierarchy of objectives, which include a new, permanent peace treaty to replace the six-decades old Korean War armistice, direct talks with the US aimed at securing extensive aid for the impoverished north, and closer relations with South Korea. Observers noted that the recent exercises are “not a good method” to achieve these goals. Pyongyang’s foreign policy has long been based on the squeaky wheel getting the oil, and it rarely bargains in good faith. |
| Crude oil prices may have found some light support yesterday. | |
Fourth quarter GDP grew at an annualized rate of 5.7%, which was stronger than had been expected.
Colder temperatures were seen moving east, and traders were winding down positions in the expiring February refined products contracts, which expire this afternoon.
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 was higher again yesterday, and it is closing in on the 71 euro level. Recent strength in this market has given us technical breakouts that have provided swing objectives to the 72.80-73.00 area. Despite the near-term trend higher and objectives pointing to higher levels, recent activity looks strangely heavy. Still, trends are pointed higher.
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 tried to move higher yesterday, but it failed and ended up losing 115.70 points by the final bell. It was the lowest finish in the DJIA since early November, according to the chart above.
Source: http://money.cnn.com/quote/chart/chart.html?symb=djia&sid=1643&time=6mo&Submit1=Refresh
A Look at Inventories
Despite utilization rates not seen for 13 years – except after hurricanes – gasoline inventories continue to build.
A Look at Imports
This week’s distillate import jumped to its highest figure since February 10th, 2006
Thirteen-week crude oil imports are at levels typically seen after hurricanes.
Recommendations for Specific Market Segments
Heating Oil Distributors Heating oil prices were slightly higher yesterday, and today’s session could be instructive. We are expecting colder temperatures, just had a bullish GDP figure, and should see short-covering as February expires this afternoon. Demand remains weak, although we have recently seen ULSD prices increase their premia. Northeastern distillate stocks are nearly 28% higher than a year ago, and it is difficult to get bullish with demand now seen more than 8% below year-ago levels. We continue to see this week’s reported movement of half a million bpd to the supply side as bearish. We are still holding capped-price programs, but largely as insurance against the unknown. We would not do anything new here. Diesel Users We would hold capped-price protection here, without adding more. NYH Ultra Low Sulfur Diesel.…197.15-197.90 plus 4.625 USG Ultra Low Sulfur Diesel.…191.65-192.15 minus 1.000 Jet/Kerosene Users & Airlines New York Harbor cash market differentials were 3.50 to 4.00 cents over January heating oil in NY Harbor and 0.75 under to 0.25 under the screen in the US Gulf. We still like locking in differentials. Diesel & Gasoline Marketers We would keep product hedged, because this market has been unexpectedly weak recently. Gasoline Blenders & End-Users Until we see prices build some kind of price base, we should expect to see them under selling pressure. Prompt NYH Fuel Ethanol…..189.00-194.00 Prompt USG Fuel Ethanol….182.00-185.00 Quotes from 01-28-10 Heating Oil End-Users We would hold capped-price protection, but we are not keen to add to that protection here or now. Speculators We want to remain on the sidelines here. Refiners The 7:5+2 crack spread was $6.91 yesterday. Crude Oil Producers Crude oil prices were essentially unchanged yesterday. Today’s response to GDP will tell us more about this market’s ability to rally. | Prompt Jet Fuel Prices New York Harbor 196.40-196.90 US Gulf 192.15-192.65 Midwest (Group Three) 193.70-195.70 Midwest (Chicago) 185.90-189.90 Los Angeles 196.00-197.00 San Francisco 196.00-197.00 Portland, Oregon 196.00-197.00 Cents per gallon Propane Prices Mont Belvieu……….…..non-TET………$1.391670 Cents per gallon  Gasoline prices were lower again yesterday, breaking below Wednesday’s low. It looks like it is going to take time for prices to build a base for an eventual recovery.
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