NYMEX crude fell significantly today after the Saudis joined in the lower prices jawboning causing traders to be even more cautious about futures contracts. As the largest producer and with the ability to produce even more, the threat of the Saudis placing more product on the market is bound to make all the bulls hesitate. The Sarkozy government, also facing an election this year, is leading the charge for a release of SPR crude that would also bring prices down in the short term. Other factors causing crude to tumble today were the fall in equities and the dollar's jump over other currencies.
Today, WTI-$2.63, $102.78; Brent-$1.69, $122.39; RBOB+0.51¢, $3.4006; HO-4.9¢, $3.1589.
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