Long Term Indicators Still Pointing to Lower Prices

On October 28, 2013 by TradingDesk

Revived conflict in Libya placed upward pressure on Brent crude Sunday, kicking it up to about $107/bbl as WTI falls to $97/bbl. Refined products have experienced tame buying this morning placing them up +2 cents from this weekend’s lows. ULSD still remains at low prices not seen since mid-summer, RBOB matching lows from November of last year. Despite their weak prices, refined product cracks have increased since September due to a spiraling WTI contract.

With long-term indicators still pointing to lower prices, RBOB will have to climb about 3 cents to meet resistance, ULSD would need about 7. Breaking above these will be key in reversing a downward trend set in early September.

CLICK HERE for a PDF of today’s chart

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