Well I hope everyone had a good Thanksgiving, seeing as I took the day off we are a week short on energy news. Not to worry little has has occurred in the last two weeks; we still remain in the sideways trend which has lingered for months. Its a match of tug of war between the bulls and bears each week, but by weeks end we finish about where the market started.
Crude closed .14 cents lower today at $76.46. Diesel was up a penny and gas closed unchanged. A rather uneventful day in energy, after yesterdays losses. Wednesdays DOE report was another reminder of dismal demand with builds in crude of 2 million bpd and builds in gas of 4 million. Diesel surprisingly showed draws of 1.2 million bpd, but overall weekly demand was still down. Refinery utilization was down .6%, keeping it under the 80% mark at 79.7%. The bearish news of yesterdays report gave back early week gains to render the week a stalemate.
The short term outlook is based on the old greenback. If we see any significant gains as the year comes to a close look for some of the long term crude portfolio folks to claim profits. This is my anticipation, as there annual reviews are based on profitability and profits can not be claimed unless the dice have been picked up and the chips cashed out. Stay tuned, I think the coming weeks will be interesting as the oil pyramid takes shape for 2010.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment