QM (e-mini crude future) has found consistent support at its 50 DMA the past two days and managed a bullish break back above 60 today. Rotation last week drove the April contract down as well as maintenance shut down of refineries using WTI (West Texas Intermediate Crude, what QM price is mostly based on), but May held on very well, not dropping below 59. Should it hold 59.50, we could be headed for higher highs soon. The Gulf and Midwest refineries will be coming back from maintenance and demand should increase (the main reason May held up so well).
Energy update from EIA: link.
Energy update from EIA: link.
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on Wednesday, March 21, 2007 at 3/21/2007 07:57:00 PM.
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