Heavy Selloff Ended On A Bounce
What looked like a heavy selloff yesterday ended on a bounce with RBOB futures adding .0129 on the day and HO losing just 55 points. Prices look similar this morning if a bit muted ahead of inventory data due out from the EIA at 9:30 CDT.
A good reminder as to why the market typically waits for the EIA data as some can’t seem to agree on the API’s crude oil inventory change last week:
Without choosing which number to believe, some are attributing the slight downward pressure felt this morning to US-China trade war resolution delays, which may not be ready to execute next month.
WTI futures held above a main resistance level at $55.50 yesterday after testing waters beneath it. A bearish EIA report could press the issue and cause crude prices to break out to the downside, possibly leading to the $54 level.
Click here to download a PDF of today's TACenergy Market Talk.
Latest Posts
It’s Christmas Eve and Energy Prices Are Seeing Modest Increases
Energy Futures Are Ticking Modestly Lower To Start Christmas Week
Final Business Week of 2024 Ends with a Whimper as Energy Prices Continue Downwards
Energy Markets Treading Water After The FOMC's Disappointing Announcement
Week 53 - US DOE Inventory Recap
Energy Complex Turbulent Near Year's End; Refined Fuel Inventories Rise as Crude Declines
Social Media
News & Views
View All
It’s Christmas Eve and Energy Prices Are Seeing Modest Increases
Energy Futures Are Ticking Modestly Lower To Start Christmas Week