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The Energy Report - Post Super Bowl Sell-off
2/4/2013 10:39:00 AM
By: International Business Times
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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