Prices for March 3rd, 2010
| HEATING OIL cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | APR | 209.80 | 205.43 | 209.37 | up 03.76 | | MAY | 210.72 | 206.36 | 210.37 | up 03.71 | | JUN | 211.73 | 207.74 | 211.46 | up 03.63 | | JUL | 213.24 | 210.62 | 213.11 | up 03.60 | | AUG | 214.92 | 211.61 | 214.74 | up 03.58 | | SEP | 216.72 | 213.54 | 216.55 | up 03.49 | | OCT | 218.86 | 214.94 | 218.73 | up 03.42 | | NOV | 220.52 | 216.69 | 221.01 | up 03.40 | | DEC | 223.58 | 218.83 | 223.33 | up 03.39 | | JAN | 225.75 | 223.40 | 225.54 | up 03.35 | | FEB | 226.44 | 226.44 | 226.68 | up 03.29 | | MAR | 232.50 | 232.50 | 233.38 | up 02.94 | | Estimated Volume (day before) total all prev day 95,209 | | NYMEX CRUDE OIL dollars per barrel | | MONTH | HIGH | LOW | SETTLE | CHANGE | | APR | 81.23 | 79.44 | 80.87 | up 01.19 | | MAY | 81.60 | 79.81 | 81.26 | up 01.20 | | JUN | 81.95 | 80.24 | 81.64 | up 01.20 | | JUL | 82.20 | 80.61 | 82.00 | up 01.19 | | AUG | 82.52 | 81.02 | 82.29 | up 01.18 | | SEP | 82.80 | 81.35 | 82.55 | up 01.17 | | | | | | | | | Estimated Volume… 529,808 Opec Basket…$75.51 dn $0.24
Prompt #2 Oil NYH 88..-1.25 to -0.75, 74 Lo S…+4.00 to +4.50
US Gulf 88 grade…-4.25 to -4.00, 74 grade Lo S…+1.75 to +2.25 Group .........+1.00 to +1.50 Lo S.....+1.00 to +1.50
Chicago ......-2.25 to -1.50 cash quotes by Dow Jones | | | |
| NYMEX RBOB GASOLINE cents per gallon | | MONTH | HIGH | LOW | SETTLE | CHANGE | | APR | 225.07 | 219.14 | 224.76 | up 05.10 | | MAY | 225.22 | 219.76 | 224.94 | up 04.68 | | JUN | 224.55 | 219.66 | 224.34 | up 04.25 | | JUL | 223.62 | 219.00 | 223.52 | up 04.06 | | AUG | 222.91 | 218.51 | 222.57 | up 03.95 | | SEP | 221.55 | 217.67 | 221.36 | up 03.86 | | OCT | 210.81 | 209.53 | 210.80 | up 03.74 | | NOV | 209.55 | 209.48 | 209.70 | up 03.64 | | Estimated RB Volume day before 84,492 | | NYMEX NATURAL GAS dollars per mmBtu | | MONTH | HIGH | LOW | SETTLE | CHANGE | | APR | 4.790 | 4.680 | 4.757 | up 0.049 | | MAY | 4.854 | 4.749 | 4.821 | up 0.046 | | JUN | 4.920 | 4.826 | 4.892 | up 0.042 | | JUL | 4.999 | 4.909 | 4.977 | up 0.043 | | | Estimated Volume…day before (173,868)
Nymex statistics are based on composite Access & Day Sessions
Prompt Gasoline NYH M5 -10.00 to -9.75 RBOB -3.00 /-2.50
US Gulf M4: -13.25 to -13.00 RBOB -1.25 to -1.00
L.A. Conv Reg 229.00-230.00, N-grade Group 212.50-213.00 Chi 206.75-207.50 | |
Market Review for Wednesday
HE oil complex was higher yesterday as the dollar dropped and the DJIA rallied to new recent highs before turning back down into mildly negative territory. Traders were buying on indications that the US economy may be recovering. So far this year, we have had signs going back and forth in that regard. ADP (Automatic Data Processing) released its early look at February unemployment. It reported a loss of 20,000 jobs during the month, which was less than the 50,000 loss predicted by analysts in a Dow Jones survey. On Friday, we will get the official Labor Department figures for February.
Any loss in jobs that is less than estimates suggest would be positive news. If we were to see an actual increase in jobs tomorrow, it would be wildly bullish. The fact of the matter is that bullish news has gotten better mileage than bearish statistics have. The markets, collectively, want to see statistics that support an economic recovery. This seems to be more evident now hat we are in the March-to-May seasonal buying period.
| Fuel for Thought The United States is trying to round up support for a new round of sanctions against Iran, but three of the rotating members of the 15-member UN Security Council may make it difficult. Those three are Turkey, Brazil and Lebanon. None has a veto, but they could support Chinese reluctance to pass new sanctions. US Secretary of State Hillary Clinton was in Brasilia yesterday, and Brazil’s President, Luiz Inacio Lula da Silva told reporters before the two had met that “It is not prudent to push Iran against a wall.” He went on to say that additional sanctions “could be counterproductive.” Any resolution can still pass with nine of 15 in favor – as long as none of the permanent members, China among them, uses its veto. |
The website, “The National,” written in Abu Dhabi, described a recent meeting between Iranian President Mahmoud Ahmadinejad, Syrian President Bashar al Assad and Hezbollah leader Hassan Nasrallah as a “war council.” The three powers have devised a common response in the event of an Israeli attack on any of them. And, it seems that all three are keen on precipitating just such an attack. Mr Ahmadinejad was quoted as saying that he expects war to break out this spring or summer. The website described the meeting as representing “an unprecedented sense of self-confidence and an unheard-of preparedness for retaliation.” Everything we have read confirms this, and it looks like Iran, Syria or Hezbollah will push Israel into taking action.
Sabotage and vandalism have returned to Nigeria, and one Shell pipeline now has 55 “vandalized points” that have cut 300,000 bpd of Forcados output and 140 cubic feet a day of natural gas. We expect more losses as we move through spring; Nigerian sabotage has been a factor every spring for as long as we can remember. Adding to the bullish feeling, a Saudi Arabian tanker was captured by pirates in the Gulf of Aden on Monday. The pirates are Somalian.
Technicals
Oil prices broke and settled above important near-term resistance levels yesterday. Crude finally settled above $80.00, for the first time since February 24th and just the third time in nine consecutive sessions with highs over $80.00. Heating oil broke and settled above 209.13. Gasoline settled at its highest price since October 2nd, 2008.
Dollars per barrel
Above: The crack spread finished yesterday at $112.68, its highest level since August 18th, 2009.
April crude oil now has buy-stops over $81.25, $82.35, $83.95, $84.83, $85.13, $89.82, $90.99, $93.02, $96.03, and $100.37. Sell-stops are under $79.40, $78.00, $77.00, $76.30, $73.70, $72.60, $71.30, $70.75, $69.30, $68.55, $68.00, $65.80-$66.20, and $64.95. April heating oil has buy-stops over 209.80, 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 205.40, 201.55, 200.55, 199.00, 196.40, 190.75, 189.95, 187.45, 186.50, 182.63, 177.00, 176.68, 173.75, 171.10, 170.35, and 168.60. April RBOB has buy-stops over 225.10, 228.86, 240.10, 250.40, 252.00, 265.10, 267.85, and 270.85. Sell-stops are under 219.00-219.10, 215.50, 213.70, 203.80, 202.25, 198.40, 191.85, 187.00, 184.15, 182.40, 181.20, 179.20, 177.30, 175.14, 171.40, and 170.25.
Football: The bears lost 12 yards on second and 20, making it third and 32 to go, here. The bulls are in the ascendancy.
Technical Support & Resistance
Apr crude oil Support: $79.40-$79.50, $78.00-$78.10, $77.00-$77.20, $76.30-$76.60, $73.35-$73.50.
Resistance: $81.10-$81.25, $82.20-$82.35, $83.85-$83.95, $84.75-$84.85, $85.00-$85.15.
Apr heating oil Support: 205.40-205.55, 201.55-201.70, 200.55-200.70, 199.00-199.15, 197.95-198.05.
Resistance: 209.70-209.80, 210.80-210.91, 211.80-211.90, 217.45-217.55, 222.65-222.75.
Apr Rbob Support: 219.00-219.15, 215.50-215.65, 213.70-213.85, 203.50-203.80, 202.25-202.40.
Resistance: 224.95-225.10, 228.75-228.86, 239.95-240.10, 250.25-250.40, 251.80-252.00.
Oil Inventory Reports
This week’s DOE report showed a big increase in total products supplied – or total demand. Granted, we are comparing it against some pretty dismal figures a year ago, but four-week total demand is now 563,000 bpd and 3.00% higher than it was a year ago. That is as positive as it has been in months. Crude oil stocks jumped on higher imports, but an increase in utilization rates suggests that refiners may be looking to meet the increase in demand with a bump higher in output. Four-week gasoline demand was also higher against a year ago, and four-week distillate demand has seen its deficit against 2009 drop steadily.
This Week’s Inventory Comparison: Distillate stocks are now 6.0 million bbls, or 4.12%, higher than a year ago. Heating oil inventories are 5.8 mln bbls, or 15.89%, higher than they were a year ago. Gasoline stocks are 16.0 mln bbls (up 7.41%) higher against a year ago. Crude oil stocks are now 13.1 million bbls, or 3.69%, lower than a year ago. Residual stocks are 1.2 mln bbls (3.09%) higher than a year ago, jet fuel stocks are 0.7 mln bbls, (1.64%) higher than a year ago. Utilization is 1.20% lower than a year ago and 4.76% below the eight-year average. It is 6.43% lower than the four-year, pre-Katrina average and 3.10% 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 19.314 million bpd, up 0.219 mln bbls on the week, and up 0.563 mln bpd and 3.00% against a year ago. Three weeks ago, it was 0.159 mln bpd and 0.83% lower than a year ago. Four-week gasoline demand is at 8.808 mln bpd, up 0.06%, compared to down 1.26% two weeks ago. It was up 67,000 bpd on the week. Four-week distillate demand is now at 3.744 mln bpd, down 4.78%, compared to down 9.08% four weeks ago. Four-week jet demand is now at 1.292 mln bpd, down 3.80% against a year ago, compared to up 8.17% eight weeks ago. Four-week residual fuel demand is at 0.678 mln bpd, up 28.65%, compared to down 34.14% four weeks ago. Propane use is up 9.06%, to 1.420 mln bpd. On a weekly basis, gasoline demand dropped 182,000 bpd and lost 32,000 bpd in output and 71,000 bpd in imports. Distillate demand was up 167,000 bpd while supplies were up 131,000 bpd.
This Week’s API Report: This week’s API report showed a build of 2.665 mln bbls in crude oil stocks, a draw of 4.074 mln bbls in distillate stocks and a build of 0.909 mln bbls in gasoline inventories. Utilization was up 0.8% to 81.6%. Implied demand came in at a healthy 9.340 mln bpd in gasoline and at a strong 4.698 mln bpd in distillate. Crude oil imports were up 0.609 mln bpd to 9.801 mln bpd, which is its highest level in months. It also suggests renewed refining activity in the weeks ahead – if it sticks. Refined products demand was strong 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 1.50 to 2.00 mln bbls | up 1.662 | dn 0.843 mln bbls | up 6.000 |
| Gasoline | dn 0.50 to 1.00 | up 0.168 | up 0.773895 | up 16.000 |
| Crude oil | up 1.75 to 2.75 | dn 0.757 | up 4.0343.034 | dn 13.100 |
| Utilization | dn 0.0% to 0.5% | up 1.7% at 83.1% | up 0.70% at 81.90% | |
| Crude Imports | dn 0.000 to 0.500 mmbd | up 0.259 to 9.028 | up 0.152 to 9.236 mln bpd | |
| DOE Distillate Demand | 3.829 mln bpd | up 167,000 | Gasoline Demand | 8.882 mln bpd | dn 132,000 |
| DOE Distillate Production | 3.812 mln bpd | up 1221000 | Gasoline Production | 8.831 mln bpd | dn 032,000 |
| DOE Distillate Imports | 0.354 mln bpd | dn 090,000 | Gasoline Imports | 0.775 mln bpd | up 137,000 |
Source: US Department of Energy’s Energy Information Administration
Open Interest Analysis
Crude oil open interest grew by 18,103 contracts on Tuesday, when prices advanced. That looks like new buying and would be supportive. The funds seem to be back on the buying side.
Heating oil open interest grew by 2,669 contracts on Tuesday, when prices were higher. That looks like new buying and is supportive.
RBOB open interest grew by 5,141 contracts on Tuesday, when prices were higher, which would be fresh buying.
Natural gas open interest fell by 1,323 on Tuesday, when prices were higher. That looks like short-covering and would be bearish.
Tuesday’s Open Interest Changes:
Crude 1,297,435 up 18,103 Heat 300,498 up 2,669 RBOB 268,321 up 5,141 Nat gas 820,300 dn 1,323
CFTC Commitments of Traders for Nymex (for the period ended Tuesday, Feb 2nd)
Crude oil prices rallied $1.44/bbl over the latest reporting period, and the best buying came from Managed Money accounts. They bought 14,963 new longs and added 2,900 shorts. Producers liquidated 16,027 longs but also covered 14,302 shorts. Other Reportables also covered 8,096 shorts, while liquidating 3,243 longs. Swap Dealers liquidated 16,820 longs and added 7,358 new shorts and were the only pure sellers. Managed Money accounts were the best new buyers, but short-covering by Producers and Other Reportables, doubtless leading into the March crude contract expiration, also boosted prices.
In heating oil futures, prices rallied 3.60 cents a gallon, and the best net buying came from Managed Money accounts, which added 10,901 new longs and covered 5,938 shorts. The other categories sold into strength, with Producers liquidating 3,741 longs and adding 10,900 shorts, Swap Dealers liquidating 4,838 longs and covering just 6 shorts, and Other Reportables liquidating 3,389 longs and adding 1,411 shorts. Managed Money was the motive force behind higher prices.
Gasoline prices gained 7.74 cents a gallon during the period under review. Managed Money accounts added 13,745 new longs and covered 2,425 shorts, while Other Reportables added 208 new longs and covered 89 shorts. Producers liquidated 6,016 longs and added 9,891 new shorts into the rise, while Swap Dealers liquidated 2,319 longs and added 593 new shorts. Funds were the biggest buyers, with commission houses buying very lightly. Producers were the best sellers.
In natural gas, prices dropped 53.2 cents during the period under review. Here, it was cut and dried; Managed Money sold 19,855 new shorts and liquidated 7,655 longs (short 3-to-one). Other Reportables added 6,111 longs and covered 9,400 shorts, Producers added 2,851 longs and covered 2,900 shorts and Swap Dealers added 2,409 longs and covered 3,041 shorts. Everyone sees a bargain, here, except the funds pressing quotes lower. They were the best and only sellers.
Natural Gas & Utility Generation
Natural gas prices were lightly higher again yesterday, as traders looked at prices, compared them to previous years and thought about the inroads made into storage levels. As we noted here yesterday, the year-on-year deficit in storage levels is likely to grow this week, and the surplus against the five-year average is likely to drop.
Estimates for this week’s EIA underground storage report suggest that we will have a draw of between 130 bcf and 133 bcf, according to Bloomberg. Dow Jones is looking for a draw of 132 bcf. According to Dow Jones, the five-year average drawdown has averaged 124 bcf. Last year, we had a drawdown of 102 bcf. If we see a draw of 130 bcf this week, it should eat away 6 bcf from the surplus against the five-year average and should increase the year-on-year deficit by 28 bcf.
Those are hardly game-changers, but what they do is keep the bears from gaining fresh ammunition. Hey may not make the picture wildly bullish, but they keep the trend towards improvement going. Temperatures are expected to remain on the normal side in the North and across most of the states east of the Rockies, but we are not yet done with either the winter or the need for space-burning fuel. Based on these factors, natural gas prices look low to everyone except the large trading funds that are selling gas against oil or something else.
And, if the economy does improve, we will be using more electricity long before we get more drivers back on the road. Companies will ask employees to stay later or work at home before they make a longer-term commitment to a new hire. As far as we can tell, this means more natural gas being used before it translates into greater gasoline use.
The trend in temperatures remains for colder-than normal readings. We do sometimes see weather trends change in April, but it takes three solid weeks of noticeably divergent readings to usher in a change. In other words, we would notice it. Until we see that, we have to expect temperatures to help keep storage levels from expanding dramatically again.
In cash trading yesterday, Henry Hub prices were at $4.72-$4.84, up $0.01-$0.02 on the day (DJN). SoCal prices were at $4.82-$4.88, up $0.00-$0.02 on the day. El Paso Permian prices were down $0.02-$0.05 at $4.65-$4.69. Katy prices were down $0.00-$0.01 to $4.70-$4.78. Waha prices were down $0.03-$0.05 at $4.63-$4.70. Transco 6 was down $0.01-$0.03 to $5.26-$5.31/mmBtu, according to Dow Jones News (DJN).
Palo Verde prices were last quoted at $43.75-$44.25/mwh. Northeastern prices last traded at $45.00-$45.75. Cinergy was last at $38.75-$40.00. Ercot was last at $36.50-$37.50/mwh.
Support is at $4.64-$4.68, $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 $4.76-$4.79, $4.86-$4.89, $4.97-$5.00, $5.16-$5.17, $5.46-$5.47, $5.55-$5.60, $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.
Apr Natural Gas: Support : $4.64-$4.68, $4.40-$4.43, $4.15-$4.17, $4.05-$4.08, $3.73-$3.75, $3.66-$3.68.
Resistance: $4.76-$4.79, $4.86-$4.89, $4.97-$5.00, $5.16-$5.17, $5.46-$5.47, $5.55-$5.60.
Natural gas prices seem to be working on a rounded bottom of sorts – although the trend is clearly lower.
Dollars per million Btu
The crude-to-gas ratio continues to increase. It finished yesterday at 17.00-to-one, its highest level since November 24th.
Ratio
EIA Weekly Storage Figures
Last week’s EIA report showed a draw of 172 bcf on expectations for a draw of 169-170 bcf. Stocks are now 56 bcf lower than a year ago, against a surplus of 26 bcf a week ago, a surplus of 172 bcf two weeks ago and a surplus of 199 bcf three weeks ago. Stocks are now 2.93% lower than a year ago. They are 13 bcf and 0.71% above the five-year average.
For this week, the eight-year average (of similar Friday reports) was a draw of 112.38 bcf. The five-year average was a draw of 112.67 bcf. Last year’s draw was 102 bcf. Estimates suggest a draw of 130-133 bcf today.
EIA Report
| Region | 02-19-10 | 02-12-10 | Change | Last Year | 5 Yr Avg |
| Cons East | 935 | 1030 | dn 95 | 886 | 958 |
| Cons West | 311 | 322 | dn 11 | 298 | 255 |
| Producing | 607 | 673 | dn 66 | 725 | 627 |
| Total US | 1853 | 2025 | dn 172 | 1909 | 1840 |
Bcf, or Billions of cubic feet. Source: Energy Information Administration, US Department of Energy
News & Views
| In trading on Nymex, April crude oil prices were down $0.17 at $80.70/barrel at 8.30 AM EST, this morning. April heating oil prices were down 0.65 cents to 2.0872/gallon. April RBOB prices were down 0.64 cents to 2.2412. April natural gas prices were down $0.030 to $4.727/mmBtu. Oil prices were lower this morning on concerns over the possibility of additional Chinese financial tightening. The US dollar was also stronger this morning, and that brought in selling. We have a growing sense that Nigerian sabotage and Iranian saber-rattling will become larger factors as we move through this spring. Over the years, both countries have contributed to the bullish feeling that we have seen between March and May, while the seasonal has pushed quotes higher. With the truce ended, we have to expect to lose production from Nigeria in the weeks ahead. 
Crude oil prices advanced yesterday, and they settled above $80.95, settling at $80.87, the highest settlement since January 11, 2010. This looks like a clear break to the upside.. | 
Heating oil prices advanced yesterday, breaking above resistance at 209.13, and settling above that figure Resistance is now at 212.89 and then at the major high at 222.72. We cannot predict how it will play out exactly, but the alliance between Iran, Syria and Hezbollah has the potential to cause serious problems in the Middle East. Israel does not feel that it can stand by idly while events unfold, and it especially does not want to see Iran develop a nuclear weapons capacity. It has a window of opportunity to act, and that window seems to be closing. It may feel it needs to act sooner than later. Traders are waiting to see tomorrow’s February jobs data, which will go a long way towards influencing the movement in equities and currencies. These will remain as dominant factors in the pricing of oil. Nevertheless, the real wild card seems less and less likely to come from economic recovery than from petropolitical developments. So many years have been influenced by events in both Nigeria and the Middle East. We need to watch both as the weather warms. |
| Crude prices have resistance up to $80.95. | |
Traders are awaiting the February jobs numbers to be released tomorrow. We are watching developments in Nigeria and in the Middle East carefully from here on out.
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 lower yesterday and it is closing in on support at @72.10-72.30 euro cents. It had support around 72.80-73.00 euro cents, but it broke that yesterday. A break to new recent lows would be bearish for the dollar and bullish for oil.
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 ended with a loss of 9.22 points yesterday. It had broken to new recent highs earlier. The bottom line is that this market seems to be trying to move higher. That is bullish for oil prices.
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 advanced yesterday, and they finished over 209.13, which had been acting as important resistance. One of the problems with this bullish move, though, is that is does not seem to be in oils own hands. Every morning, we come in to a raft of unrelated – but important – factors like Asian equities, European currencies and Chinese central bank decisions. We understand that oil is a global commodity, but it would be nice if supply and demand of oil were the major factors on any given day. We get a sense that petropolitical factors, like Nigerian sabotage and Iranian saber-rattling, may be next on the docket as factors influencing oil prices. We understand them better, but feel that they may be just as unpredictable. We continue to prefer using caps or calls, where possible. Diesel Users We would hold our caps and will be buying into dips from here. NYH Ultra Low Sulfur Diesel.…215.85-216.35 plus 6.750 USG Ultra Low Sulfur Diesel.…211.60-211.85 plus 2.375 Jet/Kerosene Users & Airlines New York Harbor cash market differentials were 6.00 to 6.50 cents over January heating oil in NY Harbor and 1.50 to 2.00 over the screen in the US Gulf. Diesel & Gasoline Marketers We would keep product hedged, but we may have opportunities here. Gasoline Blenders & End-Users We want to be buying caps, calls or futures on dips from here. Prompt NYH Fuel Ethanol…..177.00-180.00 Prompt USG Fuel Ethanol….167.00-170.00 Quotes from 03-03-10 Heating Oil End-Users We want to use this initial dip to get our foot in the door on the long side. Speculators We will be looking to buy calls here, and on any additional weakness between now and March 15th, increasing our positions the nearer we get to March. Refiners The 7:5+2 crack spread was $10.89 yesterday. Crude Oil Producers Crude oil prices finally settled convincingly above $80.00 yesterday. But, this morning, prices are back down again. | Prompt Jet Fuel Prices New York Harbor 215.35-215.85 US Gulf 210.85-211.35 Midwest (Group Three) 212.10-214.35 Midwest (Chicago) 211.60-213.10 Los Angeles 213.00-214.00 San Francisco 213.00-214.00 Portland, Oregon 213.00-214.00 Cents per gallon Propane Prices Mont Belvieu……….…..non-TET………$1.175000 Cents per gallon  Gasoline prices broke out to new highs, and the seasonal tendency seems to be working already. Gasoline is the strongest of the complex, and it has now had a decisive breakout.
There is no nearby resistance, and prices have confirmed the trend higher. We like buying into weakness, and would have bought our first contract on Monday at 214.60, basis June. The seasonal tendency has started. |