Prices for February 4th, 2010
| HEATING OIL cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | MAR | 202.62 | 191.69 | 193.52 | dn 08.42 | | APR | 203.01 | 192.50 | 194.26 | dn 08.45 | | MAY | 203.06 | 193.67 | 195.05 | dn 08.43 | | JUN | 204.84 | 194.74 | 196.27 | dn 08.37 | | JUL | 205.40 | 196.91 | 198.15 | dn 08.33 | | AUG | 206.60 | 198.51 | 200.10 | dn 08.37 | | SEP | 207.68 | 200.95 | 202.39 | dn 08.38 | | OCT | 209.94 | 203.50 | 204.87 | dn 08.32 | | NOV | 212.40 | 206.19 | 207.26 | dn 08.28 | | DEC | 217.89 | 208.19 | 209.63 | dn 08.26 | | JAN | 218.93 | 210.65 | 212.06 | dn 08.20 | | FEB | ---.-- | ---.-- | ---.-- | -- --.-- | | Estimated Volume (day before) total all prev day 108,883 | | NYMEX CRUDE OIL dollars per barrel | | MONTH | HIGH | LOW | SETTLE | CHANGE | | MAR | 77.17 | 72.42 | 73.14 | dn 03.84 | | APR | 77.56 | 72.83 | 73.54 | dn 03.89 | | MAY | 78.07 | 73.43 | 74.14 | dn 03.91 | | JUN | 78.70 | 74.04 | 74.74 | dn 03.90 | | JUL | 79.08 | 74.64 | 75.30 | dn 03.88 | | AUG | 79.15 | 75.15 | 75.83 | dn 03.85 | | | | | | | | | Estimated Volume… 680,344 Opec Basket…$75.14 up $2.09
Prompt #2 Oil NYH 88..-1.25 to -0.75, 74 Lo S…+0.00 to +1.00
US Gulf 88 grade…-4.75 to -4.25, 74 grade Lo S…-3.50 to -3.00 Group .........-5.25 to -4.75 Lo S.....-5.25 to -4.75
Chicago ......-4.50 to -4.00 cash quotes by Dow Jones | | | |
| NYMEX RBOB GASOLINE cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | MAR | 203.74 | 193.33 | 195.08 | dn 08.54 | | APR | 213.59 | 203.75 | 205.40 | dn 08.56 | | MAY | 213.91 | 204.70 | 206.36 | dn 08.57 | | JUN | 215.29 | 204.84 | 206.60 | dn 08.62 | | JUL | 214.25 | 205.00 | 206.19 | dn 08.64 | | AUG | 213.40 | 204.70 | 205.36 | dn 08.67 | | SEP | 212.25 | 203.83 | 204.36 | dn 08.71 | | OCT | 194.86 | 194.00 | 194.49 | dn 08.73 | | Estimated RB Volume day before 132,986 | | NYMEX NATURAL GAS dollars per mmBtu | | MONTH | HIGH | LOW | SETTLE | CHANGE | | MAR | 5.500 | 5.227 | 5.416 | dn 0.003 | | APR | 5.465 | 5.203 | 5.384 | dn 0.005 | | MAY | 5.500 | 5.260 | 5.428 | dn 0.008 | | JUN | 5.542 | 5.355 | 5.499 | dn 0.008 | | | Estimated Volume…day before (189,442)
Nymex statistics are based on composite Access & Day Sessions
Prompt Gasoline NYH M5 -1.00 /-0.50 RBOB +3.50 /+4.00
US Gulf M4: -4.25 to -3.75 RBOB -0.25 to +0.25
L.A. Conv Reg 204.00-205.00, N-grade Group 186.85-187.35 Chi 186.35-186.85 | |
Market Review for Thursday
ODAY was expected to be the big day, once traders and investors had had a chance to see January’s unemployment figures … . But, they couldn’t wait. Yesterday witnessed some of the steepest and heaviest selling in equities and commodities in a year, and the dollar powered higher. The combination of fresh recent highs in the dollar and new recent lows in the DJIA, which coughed up 268.37 points yesterday, helped to generate the biggest decline in crude oil prices since July 29th, 2009. It was the biggest move in either direction since September 30th.
Yesterday’s moves seem to have been predicated on growing concerns over sovereign debt from Greece and Portugal, to name two. The worry led to a huge “flight to safety” and massive ‘risk regurgitation,’ as we like to call the inverse of “risk appetite.” Traders and investors flocked to the US dollar and spat out long positions in oil, equities and even gold, which had been among the “safe” assets in 2009. This new confluence of dollar strength and risk regurgitation is a new paradigm for 2010.
| Fuel for Thought This morning’s long-awaited monthly unemployment report was a mixed bag. Non-farm payrolls dropped by 20,000 jobs in January, against expectations for no change. At the same time, though, December’s figures were revised, with the original estimate of 85,000 jobs lost revised to a decline of 150,000. That was considered a fairly significant setback. The bottom line is that there are now twice as many jobs lost since November as initially expected. What economists had thought was going to be a net loss of 85,000 jobs in December and January now turns out to have been a loss of 170,000. This set of figures casts doubt on the pace of economic recovery. It suggests that interest rates will remain low. |
European sovereign debt has suddenly thrust the US dollar into the limelight as a safe investment. At the beginning of the week, the rare combination of a weaker dollar and strongly higher DJIA led oil prices in a sharp rally. On Monday and Tuesday, traders were talking about the renewed prospects for economic recovery, and there was a resurgence in the public appetite for risk, as the expression goes. On Tuesday, more than 35,000 new contracts were added to crude oil’s open interest, as crude oil prices gained $2.85 a barrel. We expect to discover this afternoon that managed money (index funds largely) were the best buyers on Tuesday.
Many of these new long holdings seem to have been liquidated as soon as Wednesday. Crude oil prices were down just 25 cents, but open interest dropped by more than 24,000 contracts. We expect that the number of liquidated contracts increased substantially in yesterday’s decline.
The reputed trigger for yesterday’s massive bout of liquidation came from the weekly unemployment figures, which showed a rise in first time claims of 8,000 to 480,000 for the week ended January 30th. Today is the monthly report.
Technicals
Prices sold off steeply yesterday, after failing well before reaching any normal (50% to 61.8%) retracement levels. There is still support below the contracts, but yesterday’s declines suggest that we could keep falling from here. Those support levels, starting with $72.40 in crude, will be significant.
Dollars per barrel
Above: Crude oil prices seem poised to move significantly lower from these levels.
March crude oil now has buy-stops over $77.20, $78.05, $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 $72.40, $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 202.65, 205.75, 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 191.65, 190.85, 189.00, 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 203.75, 206.65, 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 193.00-193.15, 189.70, 188.99, 185.00-185.15, 184.60, 182.40, 181.20, 179.20, 177.30, 175.14, 171.40, and 170.25.
Football: The bulls lost 38 yards yesterday on second and 12, making it third and 50. We think we’ve had a fumble … .
Technical Support & Resistance
Mar crude oil Support: $72.40-$72.55, $71.95-$72.05, $71.20-$71.30, $70.55-$70.70, $69.30-$69.45.
Resistance: $77.05-$77.20, $77.95-$78.05, $78.25-$78.36, $79.30-$79.50, $80.55-$80.70.
Mar heating oil Support: 191.65-191.80, 190.85-191.00, 189.00-189.15, 188.70-188.85, 187.00-187.20.
Resistance: 202.50-202.62, 203.50-203.72, 204.35-204.45, 205.50-205.75, 208.00-208.10.
Mar Rbob Support: 193.00-193.20, 189.70-189.85, 188.95-189.10, 185.00-185.15, 184.60-184.75.
Resistance: 203.60-203.75, 206.25-206.35, 206.60-206.65, 206.90-207.35, 208.20-208.30.
Oil Inventory Reports
This week’s DOE report showed the opposite of what it showed a week ago; crude oil stocks increased and refined products stocks declined. Taking the opposite characterization even further, utilization dropped and crude oil imports increased, giving the report a completely different look from the one preceding it. He year-on-year inventory comparisons all moved in a bullish direction (see page 2), despite the fact that demand continued to languish (see below). Only propane and jet fuel consumption figures are higher than they were at this time a year ago, and that is certainly seasonal. Distillate demand is only getting weaker.
This Week’s Inventory Comparison: Distillate stocks are now 12.8 million bbls, or 8.91%, higher than a year ago. Heating oil inventories are 3.9 mln bbls, or 10.24%, higher than they were a year ago. Gasoline stocks are 10.8 mln bbls (up 4.97%) higher against a year ago. Crude oil stocks are now 21.3 million bbls, or 6.08%, lower than a year ago. Residual stocks are 4.2 mln bbls (11.83%) higher than a year ago, jet fuel stocks are 2.9 mln bbls, (7.20%) higher than a year ago. Utilization is 5.80% lower than a year ago and 8.70% below the eight-year average. It is 9.88% lower than the four-year, pre-Katrina average and 7.52% 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 18.750 million bpd, down 0.003 mln bbls on the week, and down 0.375 mln bpd and 1.96% against a year ago. Four weeks ago, it was 0.050 mln bpd and 0.26% higher than a year ago. Four-week gasoline demand is at 8.644 mln bpd, down 0.53%, compared to up 0.32% four weeks ago. It fell 32,000 bpd on the week. Four-week distillate demand is now at 3.705 mln bpd, down 9.08%, compared to down 0.98% four weeks ago. Four-week jet demand is now at 1.360 mln bpd, up 0.22% against a year ago, compared to up 8.17% four weeks ago. Four-week residual fuel demand is at 0.461 mln bpd, down 34.14%, compared to down 1.19% 11 weeks ago. Propane use is up 13.63%, at 1.634 mln bpd.
This Week’s API Report: This week’s API report showed a build of 4.723 mln bbls in crude oil stocks, a draw of 1.022 mln bbls in distillate stocks and a draw of 1.159 mln bbls in gasoline inventories. Utilization was up 0.4% to 78.0%. Implied demand came in at 9.196 mln bpd in gasoline and at 4.019 mln bpd in distillate. Crude oil imports were up 0.322 mln bpd to 8.471 mln bpd. Demand was pretty average, and we had a build in crude and draws in products in this report.
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 1.75 to 2.25 mln bbls | dn 1.400 | dn 0.948 mln bbls | up 12.800 |
| Gasoline | up 1.75 to 2.25 | up 0.300 | dn 1.306 | up 10.800 |
| Crude oil | up 3.50 to 4.50 | up 7.200 | up 2.317 | dn 21.300 |
| Utilization | dn 0.3% to 0.8% | up 1.0% at 83.5% | dn 0.75% at 77.70% | |
| Crude Imports | up 0.250 to 0.750 mmbd | up 0.329 to 10.037 | up 0.559 to 8.426 mln bpd | |
| DOE Distillate Demand | 3.659 mln bpd | dn 066,000 | Gasoline Demand | 8.613 mln bpd | dn 006,000 |
| DOE Distillate Production | 3.484 mln bpd | dn 032,000 | Gasoline Production | 8.584 mln bpd | dn 052,000 |
| DOE Distillate Imports | 0.438 mln bpd | dn 220,000 | Gasoline Imports | 0.926 mln bpd | up 103,000 |
Source: US Department of Energy’s Energy Information Administration
Open Interest Analysis
Crude oil open interest fell by 24,202 contracts on Wednesday, after growing by 35,948 contracts on Tuesday. It looks like many of Tuesday’s buyers were Wednesday’s sellers in this market. That looks like long liquidation and is supportive.
Heating oil open interest grew by 3,582 contracts on Wednesday, when prices were lower. That looks like new selling, which would be bearish.
RBOB open interest rose by 1,842 contracts on Wednesday when prices were higher. That looks like new buying, which would be supportive.
Natural gas open interest fell by 7,228 on Wednesday, when prices were lower. That looks like long liquidation, which would be supportive.
Wednesday’s Open Interest Changes:
Crude 1,336,495 dn 24,202 Heat 315,773 up 3,582 RBOB 259,632 up 1,842 Nat gas 775,445 dn 7,228
CFTC Commitments of Traders for Nymex (for the period ended Tuesday, Jan 26th)
Crude oil prices dropped $4.61bbl over the latest reporting period, and the best selling came from the “other reportables” category, which liquidated 7,251 existing longs. They also covered 1,113 old shorts. Producers covered 7,289 shorts and liquidated 348 longs. Managed Money bought 1,630 new longs and covered 1,688 shorts while Swap Dealers bought 79 new longs and sold 1,897 new shorts. Managed Money and Swap Dealers still hold the largest net long positions.
In heating oil futures, prices dropped 9.46 cents a gallon, and the best net selling came from Managed Money accounts. They liquidated 6,647 longs and added 6,189 new shorts. Everyone else was a net buyer, with producers buying 5,130 longs and covering 2,209 shorts, swap dealers adding 4,233 longs and covering 104 shorts, and other reportables buying 1,994 longs and selling 499 new short contracts. Managed Money sold and liquidated almost equally and their selling pressed quotes down.
Gasoline prices dropped 9.17 cents a gallon during the period under review. Managed money liquidated 14,698 longs and covered 3,008 shorts. Producers added 1,479 new longs and covered 9,120 shorts. Swap dealers added 2,738 new longs and covered 330 shorts. Other reportables liquidated 160 longs and covered 1,143 shorts. Fund liquidation was the motive force.
In natural gas, prices dropped 7.2 cents during the period under review. Producers liquidated 9,336 longs and covered 5,715 shorts. Swap dealers liquidated 4,168 longs and added 100 shorts, while other reportables liquidated 1,331 longs and covered 5,630 shorts. Managed Money accounts added 1,243 longs and covered 626 shorts. Producer liquidation moved quotes most.
Natural Gas & Utility Generation
Natural gas prices ended yesterday with a loss of three-tenths of a cent per million Btu. Most market observers believe that we would have seen even more pronounced declines had it not been for temperature forecasts, which continue to be on the colder than normal side. This week’s EIA underground storage report was expected to be disappointing, adding to the storage surplus against both a year ago and against the five-year average, and that was, in fact, the case. We saw selling in the market based on the storage figures, but that selling was largely absorbed by buying that was generated by temperature forecasts.
Bloomberg had been looking for a draw this week of 124 bcf, while Dow Jones compiled a survey looking for a pull of 122 bcf. The five-year average of precise dates was a draw of 178 bcf, while our five-year average, using similar Friday-ending reports, has a five-year draw of 167 bcf. Over the last eight years, the reports we dug up give us an average draw of 170 bcf. Last year, we reported in this report a draw of 195 bcf. The DOE said this week that last year’s draw (to he same date) had been 194 bcf. So, this week’s reported pull of 115 bcf was 7-9 bcf less than expected, 79-80 bcf less than a year ago (going right onto the year-on-year surplus) and 52-63 bcf less than the five-year averages. These surfeits were added to the surpluses existing now against a year ago and against the five-year average. They had an instantly bearish impact on the way we look at storage levels, now in comparison to where they have been.
The reaction, as one would have expected, was bearish, and prices dropped to the lows of the day shortly after the report’s release. But, and almost as predictably, buying came in to soak up the selling, as traders reacted to the continuing parade of bullish weather forecasts. At this stage, temperatures are expected to be colder to significantly colder than normal for large chunks of the continental United States as far out as the third week of February. At this point, no one is really suggesting any likelihood of warmer readings. Given enough cold weather, storage will decline later.
In cash trading yesterday, Henry Hub prices were at $5.38-$5.49, down 0.09-$0.11 on the day (DJN). SoCal prices were at $5.50-$5.59, down $0.07-$0.09 on the day. El Paso Permian prices were down $0.07-$0.08 to $5.29-$5.39. Katy prices were down $0.08-$0.10 to $5.33-$5.47. Waha prices were down $0.03-$0.05 at $5.35-$5.42. Transco 6 was up $0.21-$0.75 at $6.65-$7.60/mmBtu, according to Dow Jones News (DJN).
Palo Verde prices were last quoted at $47.25-$49.50/mwh. Northeastern prices last traded at $35.15-$65.00. Entergy was last at $38.50-$39.75. Ercot was last at $44.35-$49.00/mwh.
Support is at $5.36-$5.39, $5.22-$5.25, $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 $5.53-$5.56, $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: $5.36-$5.39, $5.23-$5.25, $5.12-$5.14, $5.06-$5.08, $4.96-$4.99, $4.83-$4.85.
Resistance: $5.53-$5.56, $5.71-$5.73, $5.87-$5.90, $5.99-$6.03, $6.09-$6.11, $6.15-$6.17.
Natural gas prices remain below their trendline. Weather is key from here.
Dollars per million Btu
The weather outlook will determine prices going forward, it seems.
Dollars per million Btu
EIA Weekly Storage Figures
This week’s EIA report showed a draw of 115 bcf on expectations for a draw of 122-124 bcf. Stocks are now 199 bcf higher than a year ago, against a surplus of 120 bcf a week ago, a surplus of 22 bcf two weeks ago and a surplus of 103 bcf three weeks ago. Stocks are now 9.02% higher than a year ago. They are 150 bcf and 6.65% above the five-year average.
For this week, the eight-year average (of similar Friday reports) was a draw of 169.88 bcf. The five-year average was a draw of 166.6 bcf. Last year’s draw was 195 bcf. Estimates were for a draw of 122-124 bcf.
EIA Report
| Region | 01-29-10 | 01-22-10 | Change | Last Year | 5 Yr Avg |
| Cons East | 1251 | 1334 | dn 83 | 1105 | 1236 |
| Cons West | 359 | 380 | dn 21 | 337 | 301 |
| Producing | 796 | 807 | dn 11 | 765 | 720 |
| Total US | 2406 | 2521 | dn 115 | 2207 | 2256 |
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 down $0.25 at $72.89/barrel at 8.30 AM EST, this morning. March heating oil prices were down 1.47 cents to 1.9205/gallon. March RBOB prices were down 0.86 cents to 1.9422. March natural gas prices were up $0.116 to $5.532/mmBtu. Oil prices have not changed all that much this morning, in the wake of the widely-anticipated monthly unemployment figures. Oil prices were lower before the release of the figures, and they have rallied slightly since the release, partly in reaction to some selling in the US dollar. Of all the factors at work this week, the US dollar has been the one that has been most consistently aligned with oil price movements. When oil prices surged higher on Monday and Tuesday, the dollar was lower while the oil market was open, and the dollar was higher on Wednesday and especially on Thursday, when oil prices crashed. 
Crude oil prices were sharply lower yesterday, although they did find support in the $72.40-$72.65 zone. Prices started dropping well before reaching a normal 50%-62% retracement zone. | 
Heating oil prices dropped sharply yesterday, and they seem poised to decline even further, if they break support above 189.00. Below that, there is additional support at 187.00. A break under that points lower. Opec is expected to increase oil shipments by the most in 18 months in the four-week period to February 20th, according to Oil Movements. The cartel is expected to ship 23.35 million barrels day in that four-week period. That is up from the 22.77 million bpd seen in the four weeks that ended on January 23rd. Demand is coming from Asia. This is significant because US crude oil imports have been substantially below their historical norms in recent months., As we end this week, traders will continue to take cues from the US dollar and, to a lesser extent, from moves in equities prices. The fundamentals are clearly divided into supply and demand considerations. Supplies have been steadily getting closer into line with needs, and inventories have fallen recently in relation to figures seen a year ago. At the same time, though, keeping supplies in line with demand has been a problem because consumption continues to drop, seemingly each week, especially in relation to year-ago figures. |
| Crude prices dropped steeply yesterday.. | |
The oil market has been taking its strongest cues from the US dollar. The supply part of the equation has been getting more bullish recently, but demand remains weak and only seems to get weaker.
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 up steeply yesterday and we believe that its strength was a major factor in the weakness of the oil complex yesterday. It has been the one consistent relationship this week – higher dollar values have accompanied lower oil prices and vice versa.
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 268.37 points yesterday as investors liquidated long holdings aggressively. We now have a swing objective to roughly the 9600 area. Yesterday’s activity was clearly bearish and had a bearish influence on oil prices.
Source: http://money.cnn.com/quote/chart/chart.html?symb=djia&sid=1643&time=6mo&Submit1=Refresh
A Look at Inventories
A Look at Oil Imports
Recommendations for Specific Market Segments
Heating Oil Distributors Heating oil prices tried to move higher this week, and they succeeded on Monday and Tuesday, when the dollar was lower and equities were stronger. As soon as we saw a different combination of factors, as soon as the dollar rallied, this market weakened. Fundamentally, we have been seeing improvements in the supply numbers. Inventories continue to drop and refineries are making less, but that is only one half of the equation. That is the supply side. The demand side is weak, and it has been weakening consistently over the last few weeks. We are still holding capped-price programs as insurance against the upside, but it is hard to be bullish, and this market looks like it could drop further. Diesel Users We would hold capped-price protection here, without adding more. NYH Ultra Low Sulfur Diesel.…196.25-196.75 plus 3.000 USG Ultra Low Sulfur Diesel.…192.75-193.25 minus 0.500 Jet/Kerosene Users & Airlines New York Harbor cash market differentials were 3.25 to 3.75 cents over January heating oil in NY Harbor and 0.25 under to 0.25 above the screen in the US Gulf. Anything under 4 cents is worth hedging. Diesel & Gasoline Marketers We would keep product hedged against lower prices, because this picture changes quite quickly. Gasoline Blenders & End-Users Prices have rallied this week, and the year-to-year inventory comparisons have been steadily improving. Still, demand languishes. Prompt NYH Fuel Ethanol…..191.00-194.00 Prompt USG Fuel Ethanol….182.00-184.00 Quotes from 02-04-10 Heating Oil End-Users We would hold capped-price protection, as a precaution, but we do not see any clear fundamental reason to get aggressive with buying. Speculators We will be taking a closer look at the short side as a position to hold, after this week’s monthly unemployment figure. Refiners The 7:5+2 crack spread was $8.61 yesterday. Crude Oil Producers Crude oil prices were steeply lower yesterday, and it is going to take a major event to turn this market back up again. Today’s unemployment report will be important. | Prompt Jet Fuel Prices New York Harbor 196.75-197.25 US Gulf 193.25-193.75 Midwest (Group Three) 195.50-196.50 Midwest (Chicago) 189.50-193.50 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………$1.457500 Cents per gallon  Gasoline prices also sold off steeply yesterday, although here there is more room between last night’s settlement and the support beneath the market, currently at 188.99 and above that. Below that, there is additional support down to 181.24. Yesterday’s sudden and severe weakness has painted an ugly picture. And this is the strongest of the complex.
|