Energy Prices Heading Different Directions

On February 25, 2013 by TradingDesk

A week ago, RBOB futures were above $3.16, and appeared set to continue the 2013 rally for some time. Three sessions later, last Thursday morning, the same contract was trading at $2.97, and appeared to be on the cusp of a major breakdown. This morning, the contract is back up to $3.13 and all several signals – a rallying EUR/USD, global equities in the green and Brent once again outpacing WTI – support even higher prices.

Diesel prices meanwhile appear to be putting in a temporary floor, but HO needs to break back above $3.15 in the next day or two to move beyond the downward sloping trend line that has contained its rally attempts over the past two weeks. Likewise, WTI must get back above $95 to put an end to its 2 week slide.

CLICK HERE for a PDF of this morning’s charts

 

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