A Textbook Case
After most of the March energies pulled back and tested
their support levels, gasoline
and heating oil futures rose higher in textbook fashion today, trading on
expectations the American Petroleum Institute will report a
pull back in inventories.
March heating oil
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its support and rallied hard enough to break out and close above its R1 pivot.
At one point heating oil was trading above its R2 pivot (53.07) before settling
down to close at 52.90, up 1.09.
March crude oil
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for the second day in a row. Crude oil ran up as high as 19.69 before pulling
back to close at 19.48 for a gain of .50. This move was strong enough to push
the March crude oil contract above its R2 pivot point.
March unleaded gas
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off of its support yesterday and today. In today’s session, March unleaded gas
pushed to a stronger close near its highs. This move was enough to close above
the R2 pivot at 57.35, a 1.60 gain on the day.
There were more wet weather reports from South
America today. The reports claim that Brazil had heavy rainfall covering a good
portion of its soybean-producing region. Soybeans had been on the rise the past
couple of weeks due to dry weather in the
growing region of Brazil. Brazil is #2 behind the U.S. in soybean production.
As a result of the news, March soybeans
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soybean meal
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150.90, well below its S2 pivot.
In other grain news, March wheat
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today. The March wheat contract rallied 1.75 to close at 297.00. March corn
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CH2 |
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rose 3.5 cents to $1.97 a bushel.
The precious metals traded mostly lower on light
volume. February gold
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3.00 to 278.80 a troy ounce. March silver
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managed to stay above its S1 level, closing down by 3.30 to 4.255. March
copper
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today by .55 to finish at 70.80. April platinum
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its $468 support level and ended up closing down 8.30 to 467.10 an ounce.