Reuters Insider - Inside the News: Heating Oil Could Hit $2.67, Says Henwood
13/06/2016 11:00
Click the following link to watch video:
https://insider.thomsonreuters.com/link.html?cn=share&cid=173150&shareToken=Mzo5Yjg3NzNkMS04ZDI3LTQ3ZDctOTQ5Ni0yNWU4Zjg1ZTFmMjk%3D&playerName=ReutersNews
Source: Thomson Reuters
Description: Reuters Commodities Specialist Christopher Henwood
says heating oil prices are set for further gains.
(To access all exclusive Reuters Insider programming visit: http://insider.thomsonreuters.com)
Short Link: http://reut.rs/1AA5BgL
Transcript (May be auto-generated)
Time to go Inside the News at 1PM. Portugal gets hit with a downgrade by Fitch.
The ratings agency cut Portugal's credit rating to A+ with a negative outlook.
Fitch said Portugal's budget target for 2011 is extremely challenging and
expects a recession next year. Fitch's action comes two days after Moody's
warned it may downgrade Portugal's rating by one or two notches. The Euro's now
higher against the Dollar after initially falling on that news.
FCC officials tell Reuters that a top person has given approval to the
Comcast-NBC Universal deal but with a number of tough conditions. Those
conditions address online, video program and access. The FCC has been working
closely with the DOJ on the deal and that deal is not expected to close until
January. M&A action fueling today's Hot Stocks. Shares of Jo-Ann Stores changing
hands more than 10 times their average daily volume. The fabric and crafts
retailer will be bought by an affiliate of PE firm Leonard Green & Partners
in a $1.6 billion cash deal. The company's CEO says going private will quicken
store expansion. Jo-Ann Stores is the number one percentage-gainer on the New
York Stock Exchange right now, surging nearly 32%. And shares of Sonic Solutions
trading about 15 times their average daily volume. Rovi Corporation will pay
$720 million in cash and stock for the owner of the popular digital video game
player software DivX. Rovi sees the deal generating more than $15 million in
savings next year. Sonic shares are up 25.5%. Heating oil prices hitting their
highest level in two
years as the North East braces for more cold weather. Reuters Commodity
Specialist Christopher Henwood says prices could go even higher from here.
Chris. Well, right now, heating oil prices are very much weather-driven. We've
seen a number of weather models change in the past week or so but each and every
one of them has a colder than normal North East, looking out maybe two weeks or,
you know, a little longer. If we pull up a chart in heating oil, we can see
$2.6700 is gonna be the next price target to the upside. Market will start to
move in that direction. $2.4950, that's given us good support. If we come off a
little bit,
it'll probably fall to that level before it rallies again. Pretty simple
equation; cold weather means increased demand. We're gonna look at cold weather
for the rest of the year and demand is gonna increase; prices are gonna go up
accordingly. All right, Chris. Thanks. A White House official tells Reuters
President Obama intends to re-nominate Peter Diamond to the Federal Reserve
Board. The Senate adjourned for the year without voting on Diamond's nomination.
Diamond shared this year's Nobel Prize with two other economists. Coming up at
2PM, find out why Reuters Credit Analyst Ed Rombach says treasury prices are
likely to remain depressed next week. I'm Rhonda Schaffler. This is Reuters
Insider