It is Energy Thursday, but it seems all the energy has left the market. Today's session started off as though gains were on the way, but soon sold off to close relatively unchanged. Yesterdays DOE report sent the energy market south, proving the crude draws were not enough to overcome the poor demand on product. Crude closed at $73.64, which is about a dollar lower from the start of the week. Heating oil and gas have lost weight this week as well, both are down about .03 cents. Tomorrow marks the close of the February futures so expect more volatility than a typical Friday.
Economic data released today didn't quite add up to expectation, while jobless claims dropped and durable goods orders were up for December it provided little support. The DOW posted triple digits losses, S&P was down about 13 and the NASDAQ was down 42 plus points. Record dollar gains have helped keep the bulls at bay in energy, if the dollar holds look for more energy losses as we wrap up the week and end the month. If the dollar reacts as though it was over cooked, look for slight gains. As I have echoed the past couple of weeks its a good idea to fill tanks but hold off on contracting gallons, we're still playing with house money.
Good evening all.
Zach
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