Tired Energy Complex Shows Some Weakness This Morning

On April 10, 2014 by TradingDesk

After rallying for the third day in a row yesterday, the tired energy complex shows some weakness this morning with RBOB in the red by over 2 cents and heating oil down by almost a penny at press time. In addition to profit taking, yesterday’s DOE release showed a surprise build in crude inventories, both at Cushing and nationwide, putting additional downward pressure on WTI and refined products. As expected, the US also saw a drop in national gasoline stocks due to the mass clearing of winter-spec gas from storage tanks.

With the EIA’s weekly input behind us, traders are now turning their eyes to Libya’s reemergence into the oil production game as well as the potential war brewing in Ukraine. RBOB topped at one of its last visible marks of resistance and has started heading towards support at the $2.91-$2.92 level. NYMEX HO has turned south as well and will run into major technical levels around $2.92.

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