Heating Oil Vat Drains
The American Petroleum Institute released its weekly
report after the energy markets closed Tuesday and depicted a situation going
from bad to worse. The report showed heating oil supplies were down 39% from
levels one year ago, at a time when supplies traditionally are building for the
winter season. Heating oil, the leading contract on the Momentum-5
List was up a steep 5.4%, or .0495 to .9530.
Comments from a senior ruling party member that interest
rates and the yen should rise are propping the Japanese yen to its biggest gain
in months, adding .0105 to .9382 so far in Wednesday’s session.Â
Interest rate futures shot back to near, or record highs
as the Treasury bought back securities in its move to retire debt. September T-bonds
(
USU0 |
Quote |
Chart |
News |
PowerRating)
are up 14/32 to 100 11/32 and 10-year notes
(
TYU0 |
Quote |
Chart |
News |
PowerRating) are up 9/32 to 100 0/32.
Cocoa, from the
Implosion-5 List,
probed a new contract low but stalled at the previous contract and 20-day low on
August 9. This sets up a Turtle Soup Buy situation at the previous 20-day low, a
pattern similar to the Turtle Soup Plus One but different in that it fades a
20-day extreme on the day of the extreme rather than on the following day.