Stuck In The Middle

On April 30, 2012 by TradingDesk

April trading appears set to go out on a quiet note, with most global markets making small moves in the red. The recent string of depressing European headlines continues, putting more downward pressure on prices.

The big news for energy this morning is that Energy Transfer Partners is buying Sunoco for $5.3 Billion. The most pressing issue for the futures market is what this will mean for Sun’s Philadelphia refinery. At this point the company is continuing with its plan to operate the plant as a JV with the Carlyle group.

We are now squarely in the middle of the historical peaking window for gasoline futures, and prices are fittingly stuck squarely in the middle of recent trading ranges, and technical studies are mixed. Look for choppy, sideways trading until something forces a new trend to form.

CLICK HERE for a PDF of this morning’s charts

 

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