Recap: Oil markets continued to move higher yesterday on leftover bullish reactions to Wednesday's EIA Inventory Report and the Federal Reserve's slight tapering decision. NYMEX Crude (WTI) pushed higher 97 cents to 98.77, ICE Brent up 66 cents to 110.29, NYMEX ULSD (HO) increased just over 2 cents to 3.0306, but NYMEX RBOB pushed even higher, 4.28 cents, to 2.7401. As we continue to approach the end of the year, most traders have already squared their books, packed their bags and are ready for a year end holiday, leaving a less liquid market that is subject to potentially more volatility. On the other hand, most fuel marketers, resellers, and dealers will be working hard providing fuel for holiday transportation needs and cold weather heating oil demand. We surely appreciate their dedication, safety, and care not only during the holiday season, but during the toughest of weather conditions as well.
Currently, NYMEX ULSD (HO) is up 1.39 cents to 3.0445, NYMEX RBOB (Gasoline) is up 97 points to 2.7498, and ICE Brent is up 53 cents to 110.82. NYMEX Crude is down 32 cents to 98.72.
Planning for weekend/next week. For the upcoming weekend, The Northeast Weather Services "NEWS" (administered by NEFI) is seeing a brief warm moderating trend, but with a Canadian cold front coming through northern New England this weekend, forecasted rain in NH and southern Maine could produce an ice event Saturday evening into Sunday. NEWS also released its weather trends on Wednesday, forecasting heating degree days through Friday December 27th. Expected Heating Degree Days (HDDs) both as a % of normal HDDs and the average HDDs for this period have moderated with more southern areas of the Northeast warmer than normal. Here are the following Northeast locations:
New York: NYC 79%, Binghamton 85%, Albany 86%, Newburgh 81%
New Jersey: Newark 81%, Trenton 82%
Pennsylvania: Philly 82%
Massachusetts: Boston 86%, Worcester 88%, Chicopee 92%
Connecticut: Hartford 86%, Bridgeport 83%, New Haven 83%
NH: Manchester 89%, Portsmouth 117%, Lebanon 92%, Concord, 93%
Maine: Portland 94%, Augusta 97%, Bangor 101%
Vermont: Burlington 94%, Rutland 89%
For last minute shoppers: (New York- AP from 12/2/13): "Need a quick delivery? Jeff Bezos wants to send in the drones. That's the not-so-distant reality the Amazon.com CEO envisions, a future in which his company transports packages in 30 minutes or less using self-guided drones." I'll stick with ground transportation! Have a great weekend and stay safe on those roads! View today's full market watch report in a downloadable format by clicking here. Refined Products Glossary