Energy Futures Attempting Another Rally

On March 24, 2014 by TradingDesk

Energy futures are attempting another rally to start the week, after Friday’s move higher fizzled in the afternoon. News that the Houston ship channel, a vital artery for the flow of petroleum products, was shut for a third day after 4,000 barrels of oil spilled when two boats collided seems to be helping keep a bid under the market. RBOB and ULSD are both close to breaking through technical resistance, which should open the door to a run at $3 later this week should they break.

The speculative category of traders cut their net-long positions in WTI and ULSD futures as of last Tuesday when COT data from the CFTC is compiled. It’s interesting to note that the complex appeared on the verge of a major sell-off early in the week, only to recover later on, so this week’s data should tell us about the conviction of those betting on higher energy prices.

Article on Houston Ship channel issues


Commitments of traders report


CLICK HERE for a PDF of today’s charts

Market Update (3)








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