NYMEX Oil Complex Higher on Short-covering; Direction Still Appears Lower

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NYMEX Oil Complex Higher on Short-covering; Direction Still Appears Lower

February 08, 2010 3:16:PM ET

By John Troland

Houston, TX February 8, 2010 3:16 PM ET
The NYMEX March crude, RBOB gasoline and heating oil contracts all ended the day in positive territory on what we believe was a light round of short-covering after large losses last Thurday and Friday. However, we believe prices are more likely to move lower again, mainly due to today's failure of March WTI to even get close to testing the overnight high of $72.39.
Last Thursday and Friday, March WTI had a cumulative loss of $5.79 while March RBOB gasoline and.......

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