Getting Pumped
Gasoline futures are up sharply nearly 4% on the session, extending a
one-week rally that has lifted the October contract
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the week. One of the key features of the New York contract is that the
deliverable grade is the cleaner-burning reformulated gasoline required inÂ
certain metropolitan areas. Chicago requires reformulated gasoline and the cause
of the price spike today is a report that a refiner in the area will be out of
commission for up to six months.
From the Pullback From Highs List, October heating oil is also rallying to a
multi-month high. Both contracts are pulling back from the previous 20-day highs
from last week in same-day, Turtle Soup sell reversal setups.
Optimism that Cicso
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for stocks and underpinning a rally in stock index futures.
As stock indexes rally, T-bonds
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their Turtle Soup Plus One Sell reversal, down 20/32 at 104 26/32.