August 14, 2009

For two weeks crude and product moved within a small band. Today the floor had a big crack. Crude traded as low as $67.12 before settling at $67.45 while RBOB dropped to $1.92 and heating oil fell to $1.84. Also today the results of a survey of 40 traders revealed that 50% believe prices will continue to fall for at least another week. Despite all the rosy talk by the administration early in the week, consumer confidence fell and SEER opined that the US market was "grossly oversupplied". Good news for drivers looking ahead to the Labor Day weekend.