The Oil market is ending its incredible run turning south just
after the Super Bowl. Oil bears up until this point may know how
the 49"s feel but it looks more and more likely that the upside
run is coming to an end. With reduced runs continuing into Seaway
and potential talks with Iran over its nuclear program the Bulls
have shined bright but now for the short term it is time to
change sides. With maintence season ahead the demand for crude
will drop and the prices seem to be reflecting that new reality.
Oil Products like RBOB looks like it is a bit toppy. After the
Squeeze play in the February the market seems a bit more
confident that we can see supply improve ahead of the next
expiration. Heating oil seems to have a bit more momentum as does
the Gas oil in Europe but may be held back by the weakness in
crude and RBOB.
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International Business Times
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.