Energy Prices Falling Again

On May 30, 2013 by TradingDesk

Energy prices are falling again this morning, following across-the-board builds in last night’s API inventory report, and following a report from the IMF that suggested Chinese economic growth would be less than forecast. Despite the past two days of selling, both RBOB and ULSD futures remain in their May trading ranges, with a break of support in the low $2.70s needed to see further downside. The DOE report will be released at 10am central, and is expected to show continued gains in domestic stocks as domestic demand remains weak, which may finally be enough to break the complex out of its go-nowhere pattern.

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