The Energy Report for Wednesday, March 4, 2009

By Phil Flyn
04 March 2009 @ 01:19 pm EDT

Finding footing in a world where the walls are closing in. Oil found strength in a late day rally as the stock market marked time. The market was being torn in different directions hoping for words of wisdom from Fed Chairman Bernanke or Treasury Secretary Geithner. They got none. Heating oil and natural gas seemed to be supported by a blast of cold that supported the expectation of heat related demand as well as anticipation of the eagerly awaited API report. The report that just couldn't get any respect is now starting to move the market. Why do I say that? Well the market seemed to want to rally ahead of the API supply report. And it was not just short covering before the report that I am talking about but after report as well.

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