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Holy Heating Oil
Energy markets screamed higher again today as the Middle East conflict entered its sixth day, with no signs of de-escalation on the horizon.
Heating oil traded nearly 11% higher, hitting $3.6492 before settling near $3.45, up 4.8% on the day.
April futures are now up an incredible 68% year-to-date and 33% since last Friday’s close.
May soybean oil was right along for the ride — up another 3.3% today to 65.70.
Looks like it’s time to adjust the Y-axis on this one because we’re officially out of room. In fact, heating oil was literally off the chart at the highs midday.
The move in oil pushed oilshare to 51.7%, closing in on an all-time high:
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