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Heat mid-February temperatures and recovering manufacturing volumes helped sink pure gasoline futures in early buying and selling Monday.
After rallying 14.1 cents Friday, the expiring February Nymex contract was off 20.7 cents to $2.505/MMBtu at round 8:50 a.m. ET on skinny quantity. The March contract was down 6.5 cents to $2.110.
After buying and selling in a variety in Friday’s session, the February contract is poised for additional volatility heading into ultimate settlement Monday, EBW Analytics Group analyst Eli Rubin stated.
From a basic perspective, quite a few bearish developments had been weighing on the outlook heading into Monday’s session, in response to Rubin.
These included weaker heating demand expectations into mid-February, indicators of manufacturing totally recovering from this month’s…
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