On November 4, 2024 it was noted that a descending triangle was developing that is similar to what occurred between 2017 and 2019. In addition to this a similar setup occurred between 2013 and 2014.
NY Harbor ULSD No. 2 Diesel provides a predictive structure using commercial trader positions. Prior to the 2014 and 2020 declines, peak commercial trader positions were identified in the following Commitment of Traders data chart. This same setup is currently under development within a 2022 – 2024 descending triangle. A decline would be expected to occur going into 2025.
Note that this information is for educational purposes only and not a recommendation.
WTIC charts courtesy of StockCharts.com.
