Unleaded Traders Fade Pump Prices
Gasoline prices at the pump hit their highest prices over the past two weeks, rising an average of 8.58 cents, according to the
Lundberg Survey of 8,000 retail stations. Even though those prices were
unadjusted for inflation, the $2-plus pump prices highlight April’s strong rally
in June unleaded gasoline
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futures prices, wholesale prices which hit contract highs on Friday.
But with no disruptions
at refineries over the weekend to spur shortage-rear rallies, traders at the NY
Merc are selling the nearbys, helping HUM1 to make good on its Turtle Soup Plus One
Sell setup and close Friday’s lap-up left off Thursday’s expansion bar.
Today’s engulfing bar down — so far — in HUM1 is bearish for the
short-term.Â
With little news to react to,
T-bonds
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lower interest rates could have on inflation. The Fed has said in policy
statements accompanying the four cuts it has made in short-term rates this year
that it is concerned about the slowdown in the economy and a possible recession, not inflation. Long bonds are highly sensitive to potential inflation, and with
the Fed no longer targeting inflation, growth in prices is likely. The June
contract is making good on its Pullback From Lows List setup
and is down half a point.Â
10-year notes
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good on their Pullback
setup.Â
Coffee
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PowerRating), a contract that got knocked
off the Momentum-5 List after having a down day on Friday, is back and trading
at a new two-month high.Â
July sugar
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market that is in day two of a pullback from its three-month high. Keep this one
on the screen for a continuation and test of its highest level of the year in
the 9.35 area. July sugar is currently trading unchanged at 8.98.