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As the nation recovers from the first of the year cold snap, fuels prices are lower although most states are unchanged on the week.
As temperatures recover from unprecedented low levels, fuels are retracing to the downside.
As global demand is surging, global supply is falling... and then there is the dollar. The dollar index hit the lowest level since September and the Euro surged to a three-year high that may inspire risk-on buying in oil and other commodities.
Heating oil and propane are both in high demand, leading to higher farm diesel and LP prices at retailers.
WTI crude oil is currently overbought suggesting pending technical selling. But demand for home heat will have to ease if heating oil futures are to pull near-term farm diesel prices lower.
WTI crude prices pulled back from a critical technical level after coming within a couple of ticks of the high hit in May of 2015. Back then oil topped before a collapse in price as three bearish factors caused oil to fall.
Heating oil futures have firmed above key $2.00, but technical features may yet pressure futures and give us an opportunity to book for spring.
The big question for energy traders this week, is whether or not WTI crude can post a 60 print. We thought, of course, that we should have seen a 60 print already but most of the bullish momentum has gone to the Brent crude.