Another pipeline attack in Nigeria over the weekend brought the bulls out early. Prices are surging this time being led by products, especially heating oil. Additional concern over global diesel supplies is helping support prices this morning. Basically the market is moving for all of the same reasons it has been moving higher over the last several months. The anticipation of a supply shortfall of something in the energy complex. Fortunately there have not been any supply shortfalls of anything but that has not eased the concern of the spec & investment community.
We expect this week will bring another round of new historical highs. ON the contrary side the dollar has gained a bit of momentum so far in overnight trading after slipping a bit last week. Inventories will be delayed a day and be released on Thursday due to the holiday in the US on Monday. This week I would expect to see a build in distillate, As small decline in gasoline another increase in refinery runs and with the increase in runs a decline in crude oil stocks.
Currently prices are firm for energy and the dollar.
| Current Expected Trading Range | | | ||
| | 5/27/08 | Change | Upper | Lower |
| | | From | Resistance | Support |
| | 6:52 AM | Yesterday | | |
| Jul WTI | $133.38 | $1.19 | $135.00 | $99.20 |
| June HO | $3.9534 | $0.0878 | $4.0000 | $2.7100 |
| June RBOB | $3.4325 | $0.0365 | $3.5000 | $2.5200 |
| June NG | $12.049 | $0.192 | $12.000 | $8.700 |
| | | | | |
| Euro/$ | 1.574 | (0.0033) | 1.6000 | 1.5200 |
| Yen/$ | 0.9641 | (0.0071) | 1.0450 | 0.9000 |
Dominick A. Chirichella
Energy Management Institute
tel 646-202-1433
tel 845.368.3904
fax 801.383.7510
www.advancedenergycommerce.com
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