Crude oil ends mixed following Thursday's collapse
OILINTEL Houston, TX - The NYMEX July crude oil contract ended the day above yesterday's settle. However, June RBOB gasoline was steady while heating oil was under pressure as the hype about a lack of worldwide of distillate supplies has run its course. Both June product contracts expired today.
For the early part of today's trading session products dictated price direction although as we moved further into the session the June products lingered as July crude fell sharply in overnight trading before opening on a strong note.
Traders sparred with each other with some covering shorts early in the day and then selling into the market later before trading ended at nearly $1.00 off its intraday high.
There was little market moving news today with most traders focused on the expiring product contracts. In addition, it appeared that earlier this morning the perennial bulls may have been trying to spook the market into a massive recovery from Thursday's collapse of $4.41 for July crude oil. If that's true, they failed miserably.
Our first look into our crystal ball for Sunday's Globex's trading session suggests prices will attempt to rally to today's high of $128.30 with a failure to breach that level bringing a sell-off in crude that could send prices to the low $125.00 area.
For the early part of today's trading session products dictated price direction although as we moved further into the session the June products lingered as July crude fell sharply in overnight trading before opening on a strong note.
Traders sparred with each other with some covering shorts early in the day and then selling into the market later before trading ended at nearly $1.00 off its intraday high.
There was little market moving news today with most traders focused on the expiring product contracts. In addition, it appeared that earlier this morning the perennial bulls may have been trying to spook the market into a massive recovery from Thursday's collapse of $4.41 for July crude oil. If that's true, they failed miserably.
Our first look into our crystal ball for Sunday's Globex's trading session suggests prices will attempt to rally to today's high of $128.30 with a failure to breach that level bringing a sell-off in crude that could send prices to the low $125.00 area.
