Central Valley Cooperative

Energy - edging higher as global equities rally, dollar slides - another voltaile day ahead. The energy market focuses on equities and the dollar to find direction. Unemployment numbers helped support equities yesterday and the energy market rallied. Today should be another volatile day as we approach the weekend. Speculators don’t want market exposure if we face more European downgrades or bad U.S. new over the weekend. On the other side, we have seen an active interest in taking bargain long positions. WTI volume have been high thought OTM WTI crude oil call volume is slowing. Slight refinery glitches continue to pushed rack prices higher. From nearly 115 higher to near $80.00 bottom, the oil market is close to the same trade values before the loss of Libyan crude oil.