More anecdotal fun - check out this hyperventilated look at heating oil. Feels pretty good to be on the other side of the equation, doesn't it, fellow travelers. Here we are profiting off others' misery. I am over it. "Sure you can turn up the heat honey. Why don't you open the windows while you are at it."
"Heating oil futures soared another 8 percent Friday on the New York Mercantile Exchange as a two-week rally which had accelerated after frigid weather struck the Northeast exploded into panic buying. Crude oil, meanwhile, continued its march upward at a less frenzied pace, rising 1 percent.
Heating oil prices, which traditionally increase at this time of year when demand grows, have rocketed upward on a tide of emotion in the trading pits at the New York Merc as investors react to the weather, the bull market for petroleum products and the fast-increasing price. Heating oil for February delivery, after rising as high as 97.74 cents a gallon, settled 7.04 cents higher for the day at 93.50 cents -- a gain of 44 percent in two weeks, including 27 percent this week alone.
Analyst Tim Evans called it a ``market on the edge of a nervous breakdown.' As evidence that the buying spree was out of control, he noted that the March and April contracts, which respond to the same fundamentals, declined significantly for the day."
This is the second best thing to happen here in CT this week. |
