Refined Products Stuck In Trading Range With Ethanol Climbing

On July 31, 2012 by TradingDesk

The pre-central bank meeting tailgate party continues today, with markets barely moving. The real action should begin tomorrow afternoon, and history suggests that we’ll drift higher ahead of that news.

While refined products are stuck in their trading ranges, agricultural commodities continue to push to record highs as the damage to crops across the country continues to be evaluated. With this move, ethanol is becoming more expensive than gasoline in many markets, and the combination of high prices for food and fuel is sparking a new round of calls for the end of the RFS.

The Enbridge pipeline leak that forced several crude oil lines to shut over the weekend, and sent Chicago gasoline prices up more than a dime yesterday, should be completely repaired and all lines restarted today.

CLICK HERE for a PDF of this morning’s charts

Comments are closed.