Happy 2010 to all. It is Energy Thursday and the market is up for the week. Crude closed down $.52 today at $82.66, but for the week we have seen $3.30 gains. Monday and Tuesday provided most of those gains and thankfully or not so thankfully(depending on what side of the market you are on) Wednesdays DOE report cooled the waters. The DOE reported builds of 1.3 million bpd on crude, 3.7 million bpd on gas, and draws of 300,000 bpd on heating oil/diesel. So despite the cold snap heating oil barely broke draws, disappointing the bulls who where eager on expectation of 1.9 million bpd. Although the report was bearish and the dollar has seen some strength, losses have been minimal the past two days leading me to believe the top isn't here yet. Tomorrows unemployment data will have the largest impact on energy, we will have wait and see if the run is over. I am still looking for some correction, it seems unlikely we can maintain weekly increases without a healthy dip.
Good evening all, stay warm.
Zach Winter
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