Gasoline heats up with the weather

Market Pulse for July 15

RBOB gasoline (NYMEX:RBQ13) lead last week as the highest percent mover for the week rising 7.58%. Last week August 2013 RBOB opened at $2.9015 and closed the week at $3.1175. On July 1, gasoline opened at $2.7101 and since then we have only seen one red candle in July.

Price action on the weekly chart shows how $2.9000 was completely penetrated as a range top while the market moved up last week to $3.1175. Price now is hanging around $3.1000, an area of past resistance. After this, the next stop to watch for is $3.2000 and after that $3.4000 could be in sight.

In today’s June Retail Sales report it showed service station sales up 0.7% as pump prices increased. Keep an eye on big money in the coming weeks to get insight if RBOB will re-test $3.4000. If increased bull posturing, then it is on-ward and up-ward for gasoline and the prices we pay at the pumps.

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