jackie deangelis has more. >> reporter: two more big accidents involving trains carrying oil over the holiday weekend. the first occurring in canada's oil sands. the second derailment taking place in west virginia yesterday. no serious injuries have been reported but the second accident 25 cars derailed. 20 burst into flames. that csx train was carrying crude from north dakota that's the heavier more flammable type of crude that sparked a debate and action by the national transportation safety board to propose new rules to overhaul crude by rail safety standards including heavier duty cars and slower travel speeds. and while the new safety rules are still being discussed and await approval, the industry is preparing for them already beginning to halt older rail cars but the csx train involved in the accident was actual a newer model car leaving some with raised eyebrows. it's not a new debate but reemphasizes some old questions. one being, are pipelines like the keystone pipeline safer to transport crude and many people asking if the ntsb is doing enough fast enough to prevent these i

jackie deangelis explained why. >> reporter: crude prices are back under $50. but retail gas prices are on the rise. up 26 cents in one month to $2.30 according to aaa. it's true crude prices and prices at the pump generally move together. take for instance what we've seen over the last year crude falling 50% and gas prices down $1.11. but the two don't always go hand in hand. several factors can cause oil and gas to decouple. >> you've got the driving season coming up. the price of the product and the crude diverge from one another. basically for the seasonal turnover. >> this is the time of year refineries go offline for maintenance what it means is that crude inventories will build, because refineries use oil to make their products. in addition while it's difficult to imagine at this point spring is around the corner so time for the switch from winter to summer blends of gas, which tend to be more ex add to this the fact that the refinery strikes are becoming more pervasive, and there have been some accidents like the one at the exxon facility last week. the

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i'm jackie deangelis reporting on the floor of the nymex. we got

jackie deangelis, has more. hey, jackie. >> good afternoon to you, scott. that's right.olatility in the crude pits continues today. to the downside as you said to the tune of more than 2%. jim euro, you were saying oil is trying to find a bottom. is this part of the process? >> it's certainly part of the process and i think it's doing a good job of finding a bottom too. this morning i think people were worried about the fact that the talks between greece and germany broke off and people anticipating the euro getting hit hard and also the same old talk about rig counts and supply but that talk has been going on for months. it's about the euro. the euro doesn't think it's a big deal anymore and crude is recovering a bit. it's all part of the bottoming process. i would rather be a buyer than seller. >> jeff, let me ask you this. jim would rather be a buyer at this point. would you? >> no, i wouldn't, jackie. in the same air jimmy hogs the ball in the 60 and older hoops league the oil being the ball hog. we love the volatility. the way to play it, look at the 55 level, that

jackie deangelis is at her perch at the nymex. we have morgan brennan. jackie, kick things off.hat's going on with gasoline prices? >> it's really interesting. we're witnessing here sort of a divergence, a decoupling between gasoline prices and crude prices. as you mentioned, we did settle under $50 today, and these two typically trade together. we were down 50% in crude prices over the last year. gasoline prices at the pump down $1.11 in the same time. now, the first reason we're seeing a little divergence and a spike at the pump is because it's seasonal. this is typically the time the refineryies go into maintenance mode and start to switch over. you know you can't see the spring coming. it is coming and that is when we get that more expensive summer blend online as well. add to this the fact we've had refinery strikes that are more pervasive and that refinery accident at the exxon facility in california. all of these things taken into account. we've seen gas prices go up 26 cents in the last month. we never got the national average under $2 and right now we're at $2.30 accord

jackie deangelis let's talk about crude.en the driving force behind the market going up and down and all over the place recently. what are you seeing out there lately? >> it's interesting, we saw seesaw action again today. we were trading higher for most of the day but then we ended under $50 and we were in red territory. this was actually the one trade that really didn't have anything to do with what janet yellen was saying or what the market was doing. this is a market now that's sort of struggling to try to find some footing. it could potentially take a leg lower from here. we're going to get some inventory numbers tomorrow that could set us up for that but this is a market right now that is sort of decoupling from everything else at this point, and what's interesting here is that you've got crude prices going lower. you have got products prices going higher. you have prices at the pump going higher as well. you know that at some point is probably going to take an impact and have a toll on what the consumer is doing out i

jackie deangelis has more on where they may go from here. jackie? >> that's the question, scott. we are watching the 10-year yield lower but the interesting thing is after the fed minutes it was the short-term treasuries where rates really dropped and that's because people are expecting that rate hike to come a little later. jim what do you think the fed minutes meant for treasuries overall, how are you looking at this trade it? >> when i saw the line that said persistent dollar strength will be a hindrance to exports means that's on the radar. do they want to tighten and exacerbate that situation right now and my guess is they don't. i think we push -- should be pushing rates back further maybe to the fourth quarter and i think rates yields could go lower from here. >> the fed minutes did they do anything to change your view right now? >> to mes the fed minutes had indication, euro makes good points here but look at the economic front, the last couple days the datas has been horrible, misses on expectations, earning outlook the last quarter wasn't that great so i think until ear

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jackie deangelis has more for us. hi. >> good afternoon, scott. that's right.er the iea said today there is more downside room for price and that the market is well supplied that is why we're lower. jim you're trying to make the case for me to me that we have seen a bottom here. how is that possible? >> i still believe that's true and within the bottoming process you see the wild swings of indecision not making new lows. the supply story has been out there. there's a lot of supply. the dollar strong mostly because the euro is trash. this story isn't changing and it's already baked in. i will feel more comfortable if it settles above 52.5 but i believe this is the bottoming process. >> brian sutsland we've seen crude and stocks moving together somewhat but the last few days they're moving in opposite directions. is that synergy between the two finally over. >> it might be. when you look at the last three to six months those two haven't moved that all well together. i mean the last month or so it did but really, the theme here is a lot of volatility in oil that's

jackie deangelis is at the nymex with more. >> good afternoon to you, scott. that's right.a dollar index suffered its worst day in a year yesterday. now picking up a little steam and mixed opinions out there in terms of where the dollar index is going to go. jeff kilburg, what do you think? >> i think the u.s. dollar continues to strengthen back to my football days with coach holt don't forget where you came from son and the reason, think about this, keep them under 80. sensational move, 19% in the last seven months due to the suppression, the qe, fed policy, up natural movement so when you see this type of trajectory it's going to have follow through, jackie. we see every other central banker in the world falling over >> commodities have certainly been crushed by the recent strength of the dollar. scott nations will it take a correction in the dollar to turn commodities around? >> it will because the relationship between the u.s. dollar and commodities is absolutely clear. strong dollar is kryptonite for commodity "hú?prices. it's no accident of a weak dollar yesterday, he

jackie deangelis is at the nymex with more. >> good afternoon, scott. that's right. it's not just the short term or long term it's really the whole curve yields are falling today. brian, i'm curious to get your take on janet yellen. what were traders in the pits list forng for? >> in general her dovish tone. the fed minutes the economic datand now yellen today all indications they will hold off longer on raising rates. looking at the fourth quarter something like that that's why you're seeing the rally in the bond market and rates drop. a key rejection of the 2.2% level on the 10-year. that rejection headed lower, 1.9 in the near future. >> that is one of the main issues when will rates go up. brian is saying it could potentially be a fourth quarter. what do you think? >> yeah. looks like it could be dovish comments by her. i don't necessarily agree bought if you look by the moves of walmart, the oil workers, dock workers, wages are going up. that signals inflation. labor market could be tighter than what they're thinking. i think they should raise them in june. >> f

i'm jackie deangelis.e are at the oil close. 50.45 is what i have right now as we go into the settle. up about $2 on the session, off session lows. we had a 6% pop at one point. traders telling me this kind of volatility is probably going to last for awhile. you have traders getting in, buying the dips like we saw yesterday, then seeing some selling pressure conversely as well. you had a weaker dollar which does help oil and did, in fact, today so that's something to watch. also, production at this point is pretty robust after that d.o.e. report, traders are saying tomorrow we could go down from here. back to you guys. >> thank you very much, jackie. >>> time for something we do every day at this time, street talk, getting the analysts calls on stocks you need to know about today. number one, ralph lauren. citi removing it from their recommended list following a disastrous -- >> you are the fashion maven. >> disastrous earnings report. >> what are they doing wrong? >> i don't know. but i'm not really a ral

jackie deangelis joins us now with the details. >> hi, good afternoon, scott. that's the clip that i think of often when i'm down on the floor reporting here at the nymex myself. but that's right, the cme is saying they're going to close most of or almost all of the open outcry futures pits and that's because volumes have declined roughly 1% of the total. that's not to say that overall features volumes have declined. they haven't. the cme reporting just this week that brent and wti futures set records, because of the volatility we've seen in oil prices but it does give you a sense the electronic platforms are taking over. now this is the kind of thing probably going to impact 40 or 50 people here on the nymex floor. these are the people that weathered the storm, they made it through a lot of cuts and a lot of changes. and this is kind of the only thing that they know how to do. a lot of people have said we don't need to stay here and rent booth space to be able to do the electronic trading. maybe we'll do it from home, maybe won'tp do it at all and stop coming

jackie deangelis at the nymex with more. >> good afternoon, scott.hat's interesting about gold, is the fact that gold has been moviing alongside the dollar ths year. usually we see an inverse relationship there, but today gold and the dollar moving lower. jeff kilburg your view on this. anything to explain why gold is bucking the trend and moving along with the dollar instead of against it? >> yeah. jackie, typical correlation is not there. maybe gold is concuss. at this level at 1250, unlike the pco making a bad call, 1250 presents this opportunity, very emotional market we saw in january to get into a safe haven trade that will come back in vogue in february. >> jim, what do the charts tell you about gold's next month? >> the price action today is off, higher high and lower low and trading poorly. looks like the chart i'm looking at, if it settles below 1250 55 short to medium sell. a hint what's happening today looked at rates yild doesn't look as good. >> for more check out the live show at 1:00 p.m. we're checking out the long and short. have we

jackie deangelis. >> hi, good afternoon, scott. that's exactly right. news for consumers out there even though crude prices have tanked. gasoline prices spiking. what makes it so interesting is that crude is sort of maybe trying to find a bottom here, stagnating a little bit. brian, in your view, what's behind the gasoline strike? i've been reporting that it's really the issues that we're seeings at refineries. is that it? >> i think that is a major issue. that's certainly one of the components. two other things to consider here, gasoline at a basically five months of straight downward moves so it overshot a little to the downside and rebounding back and then also you talk about the gasoline in the refineries it's counterpart in the heating oil such huge demand with the cold winter that's actually having an affect on gasoline and pulling that with it slightly. we're heading into the driving season, seeing the spike in the gasoline, the trend this time of year seeing gasoline shoot up a little bit. i'm not necessarily a buyer. >> jim, you've been saying

jackie deangelis is is at the nymex with more. >> good afternoon to you, scott.'re absolutely right about the struggling today. the question is why aren't we substantially lower? we got a report out from the it department of energy, saw a very big build in inventories again. if anything a bearish number. eight year highs. anthony, why didn't we move lower? >> jackie, let's look at that number. there was an 8 million build. a lot of the refiners are in maintenance, they're in turnaround, not taking crude oil and making product out of it. so what's happening is crude oil supplies are building. that will stop pretty soon in the next few weeks. you will start to see crude oil supplies start to draw. also technically we are a little bit stronger it's pointing to a higher market. geopolitical pointing to a little better market and hedge funds keep adding to their long positions of crude. and that's why we haven't sold off the way we kind of expected to. >> all right. scott nations, do you think we break 50 and stay there? this is the first time i reported today traders

i'm jackie deangelis reporting on the floor of the nymex. we got the department of energy inventory report on crude. we had a build here of 7.7 million barrels, less than the 14 plus million that we heard from the api last night. still, a bearish number here, but we did stem some of the losses on the day because it wasn't as bad as people were expecting. right now 51.10 where we're trading on crude, down about 1.72 when we were seeing a more than 4% decline on the day. looking at gasoline here, only a build of about a half million barrels, and people were expecting more than that. this hud should be bullish for gasoline. we'll check the prices for you. back to "squawk alley." >> thanks jackie. we are live in bentonville, arkansas, at a super store by walmart's headquarters. the dow component beating on its earnings this morning but the bigger news, the company announcing a wage hike for half a million employees. joining us in a cnbc exclusive doug mcmillon president and ceo of walmart stores. >> thanks for coming to arkansas. >> little cold

jackie deangelis is at the nymex with more. >> good evening. nat gas popping when the rest of the complex is down. anthony, this has been a depressed trade. nat gas not moving a lot lately if anything to the downside. why the pop today? >> jackie, natural gas is difficult and it's expensive to store so it's susceptible to short-term weather forecasts. over the next five or six days we're going to have two waves of cold air. [ inaudible ] waves of cold air as a matter of fact. the question is, is there enough winter left to keep prices sustained where they are or higher from here. >> yeah. that's a good question because there are some models out there forecasting that this is going to be the coldest february that we've seen since the 1970s. we saw highs over $6 for nat gas last year, jeff kilburg. do we get there again? >> jackie, i need to get into the gym to channel my jim canner to to give my weather prediction. two surges in the midwest and deep south as we see chilly temperatures. i want to look back to the 70s look in january, record usage

. >> gas prices the nymex, jackie deangelis has breaking news. >> good morning.ut with weekly status report on crude oil inventories and seeing a 50-cent drop after selling pressure started. wti trading at 48.29 right now. crude oil number came in at a build of 4.9 billion barrels, more than the api reported last night, more than most traders on the floor expecting. also, gasoline seeing a 2 million barrel build which people expecting to be negative a drawdown because of refinery strikes but that's not happening there. meantime a stronger dollar dollar index over 95 last time i checked it. that's going to impact crude. traders saying from a technical perspective, once we broke the $50 mark sellers started piling on. traders are expecting that to continue. those saying we should have seen a draw down or production declining it doesn't appear to be happening at the moment. back to you. >> thank you very much. >>> getting headlines from the house speaker, john boehner. >> good morning, carl. tensions boiling up on capitol hill over the homeland security funding bill

. >>> now to jackie deangelis breaking news on crude oil. >> good morning. the eia weekly status report just out weep did get a big build. plus 6. 3 million bares on crude and oil and plus 2.3 million on gasoline. this is bearish for prices. trading around $51 on wti. now down $2.50 at 50.50. perfect storm to go down not only because of the build, but because of the stronger dollar that you've been talking about. weak data out of china as well. when we move so far so fast on technical bounces to the upside it's natural to get selling pressure here. >> a lot of folks watching that supply data. >>> from the oil route to europe's woes and currency swings major economies under the microscope. russia downgraded to near junk greece's debt deal in question. joining us in a cnbc exclusive, james mccormack super national ratings at fitch. not enough to talk about. let's start with russia. you are at the lowest possible investment grade. competitor standard & poor's put it to junk for russia. what would it take to get you there? >> we have a negative outlook, i sugges

let's get to jackie deangelis at the nymex with na nat gas data. >> a lot of action in the pits this nat gas before the number and continuing go lower here. 258 now. the natural gas weekly storage report appears to be bearish here. down -- sorry, say that -- 115. it's down 115 billion cubic feet. it is in line with what we were expecting. but i will say this last year at this time 2.59 billion cubic feet the drawdown that we saw. substantially different there. meantime, we do know that production is up while demand was up slightly, because we saw that winter storm. it wasn't up that much more than people expecting. the supply/demand balance an issue, not just in crude trade but the nat gas. numbers 2.60 trading lower. back to you. >> thanks very much. as you mentions nat gas under pressure. we'll talk oil. still down over the last month but actually up more than 10% in the last week. up sharply today as well. prices permanently in rebound mode or more pain to come? we'll discuss after a quick break. they're coming. what do i do? you need to catch the 4:10 huh? the equipment tracking

jackie deangelis is at the nymex. tell us about what happened today. >> good afternoon. $53.05 is where we settled, just under $3.50 gain today. 7%. hard to believer that last thursday we hit $43.58. a couple reasons for the move higher. the first is the refinery spike starting to spook some traders but also the news of the cap ex cuts and rig declines are impacting the market. people are starting to forecast that u.s. production is going to decline in the back half of the year. still there are those out there who say not so fast. this could be a head fake. we don't always see prices move lower in a straight line and this could be a technical bounce to the upside. some people making a quick profit. we could see that $60 range before we see a three handle. back to you. >> all right, jackie. thank you. despite the rally, we're seeing low oil prices giving truck leasing company ryder a boost surpassing wall street expectations in its fourth quarter results. >> joining us right now, we welcome ryder system ceo robert sanc

jackie deangelis is at the nymex for us. >> another bounce after wednesday's steep selling pressure upcents, wti. the gains we're seeing this morning coming off a little bit. still a buck gain at this point in the day is pretty strong. a couple of factors are helping the price gain. the first would be baker hughes reporting that there is a decline, leading traders to believe that supply will eventually come down in the this country. also refinery strikes going on their sixth day, union workers rejecting shell's latest offer. the talk will continue next week. this will go into and persist throughout the weekend. but traders telling me that right now the mentality is buy the dip here going into this weekend because at this point they don't want to be short. back to you. >> thanks jackie. we are seeing that bullish price action. radioshack has officially filed for chapter 11 bankruptcy protection. the 94-year-old electronics chain will sell up to 2,400 of its stores to hedge fund standard general, will partner with sprint to operate about two-thirds of those locations. so it looks like lo

jackie deangelis joins us with the details. >> as they were saying in the oil pits today, easy come,go. we saw three straight days of massive gains in crude oil but a big loss almost 5 bucks. a 9% drop on the day. wti infinishing at $48.45. we got a big build in inventories from the department of energy. record stocks we've seen since 1982 since they started keeping records. so some of the reality started to come back into the market. but you also had gains in the dollar and weak data out of china reminding people that maybe cap ex cuts and rig count declines will start to impact the production situation, but that's going to be in the back half of the year. for right now there's a lot of oil out there. back to you. >> there is. jackie thank you very much. you'd think lower energy prices would be a boon to retailers, but it may end up hurting some of them. courtney reagan is here to explain why. hi courtney. >> so listen to this. while lower oil prices do help consumers by lowering the price at the pump there are regions of the country that could be disprofortion gnatportionately hurt

jackie deangelis what's going on there? >> we weren't able to close over $50, $49.57 was the settling price. traders are saying that the cap ex cuts we're hearing from energy companies and also the rig count redirections, they're starting to price that into oil prices as they look forward, but at the same time we've seen steep drops in volatility in oil before. it's not always a sharp decline downwards. some traders are saying we could bounce up to $60 before we move lower again. the retail gas prices they're creeping up a little bit as well. we hit a low of $2.03 according to aaa. now seven straight days of increases and we're at $2.06. the party could be over when it comes to the pump. back to you. >> oh jackie thank you. that's going to have a lot of people concerned. bob pisani was keeping a sharp eye on the markets. is it oil? what's going on? >> i was talking to some of the guys. oil rallying into the regular 2:30 close helped move the markets. we're starting february with a lot of volatility. the dow is moving in a b