Refined Products Futures Moving Higher

On October 19, 2012 by TradingDesk

Refined product futures are moving higher this morning, taking the lead of European grades, and after refinery blips and a 3 day shutdown of the Keystone pipeline stanched the week’s selling yesterday afternoon. In a week filled with indecision across the barrel, WTI has been most impressive, settling with a $.25 or less change for 5 straight sessions, which hasn’t happened in over a decade. RBOB charts continue to point lower, although oversold studies do suggest we’re due for a bounce. After 5 straight days of losses, HO too is due for a corrective bounce, but its charts still look more supportive and a sustained move higher can’t be ruled out.

On the 25th anniversary of Black Monday, when the DJIA dropped nearly 23% in a day. Coincidentally, the Intercontinental Exchange’s (ICE) will hold open outcry trading in the famous pits for the last time today as electronic trading continues to squeeze out the human element from our markets. As one broker put it this morning: Now instead of crying like the Duke brothers, “turn the machines back on”, we are often wishing they would turn the machines off!

CLICK HERE for a PDF of this morning’s charts

 

 

Comments are closed.