natural gas and electric heaters also play a part. anyway, technically, if bulls fail to bring this up to 82 this morning, we will see a sell off in the afternoon in anticipation of tomorrow's inventory number. Right now, a solid rounding top is in formation, sell off is more likely than not.
I dunno. The markets, be it ES or crude or whatnot, seem to be discounting anything negative these days on the assumption that it's "better than feared". I say, my ass. But what do I know. Didn't the crude also jump last week on higher inventory? As for me, I only trust what I can see, namely prices on the damn chart. This market is molding me into an enlightened cynic.