Is Gasoline Going Up Or Down?

  • June 13, 2001
  • Marc Dupee

Reports out from the industry group American Petroleum
Institute and Energy Information Agency painted a mixed picture in the energies,
but suggested vacationers driving to summer destinations might get some relief
at the pump, at least in the short term.

Inventories of unleaded gasoline rose approximately three
times more than forecasts as refiners revved up to churn out motor fuels at a
record rate. But crude oil was a different story. A storm in the Gulf of Mexico
prevented vessels from unloading cargo at one of the largest oil-debarking
depots in Louisiana, resulting in a big drop in stocks of crude oil. 

July unleaded gasoline
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fell .0221 to .8730, making good in choppy trade on its Implosion-5
and
New 10-Day Low readings. July crude oil
and 
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high tick, ending down .38 at 28.80.  Heating oil
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also formed a mini-tail after probing the upside and closing where it started,
down .0022 at .7995. Unleaded gasoline closed at a two-month low and its
reversal today of yesterday’s reversal suggests the contract will make a
measured move lower out of its head-and-shoulders top. 


As mentioned in last night’s recap,
September T-bonds
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off after flight-to-safety buying late yesterday following stock index futures’
rally and the Spooz push through key resistance around 1258. Bonds came back in
the session to close down one tick at 101 8/32 after the Federal Reserve’s Beige
book out today was described as dismal,
the worst in many years, and suggestive that Q2 GDP could be the worst in five
years and might perhaps slip into negative territory. 

Nasdaq 100 futures
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S&Ps
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slightly out of their Turtle Soup Plus One Buy
 setups before sinking 53.00, 11.30, and 77, respectively. 


British pounds
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following yesterday’s inside day for a gain of .0174 to 1.3858, the best gain in
the currencies.  


Canadian dollars
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