NYMEX crude oil and refined product futures were trading near their morning highs at midday Tuesday. Part of the upside was likely due to NYMEX futures making up some lost ground to Brent crude.
Petroleum futures were down at midday Monday after closing out last week with two straight sessions of gains. Morning trading was mostly featureless ahead of Tuesday s expiration of the NYMEX.
Petroleum futures were higher, leaving them following a pattern set over the last several sessions where buyers step in after an early selloff. Crude futures were also seeing support Tuesday.
The current geopolitical climate as well as seasonality are telling traders it is risky to go into the weekend short, and that has resulted in a stiff buying rally Friday that has taken RBOB, West.
Crude-oil and refined products futures were higher Tuesday on continued tensions in the Mideast and another Ukrainian drone attack on a Russian refinery. Reuters reported Ukrainian drones hit.