Contract Highs In Unleaded Gasoline Futures
Energy Futures—Crude oil futures settled lower by nearly 20 cents to close around 99.55 a barrel. Even with the Euro currency rallying sharply ounce again today it wasn’t enough for crude oil and several other commodities to continue their bullish momentum. Unleaded gasoline futures exploded to the upside continuing to make contract highs in the February contract closing higher by 8 cents to close around 2.93 a gallon. Consumers will soon see an increase in gas prices around the country and if Iran starts trouble again there could be some real fireworks in the energy pits. Heating oil futures was up nearly 2 cents to close around 3.07 a gallon. In my opinion these markets will continue to drift higher, look at the calls or call spreads because volatility has come down dramatically.