Attending an all day meeting, I missed the market movements today but it's interesting to read the discussion on the continuing fall of crude, down $0.76. It is funny to talk about inventories at the beginning of the week but that seems to be the main explanation for the continuing price decline. The root cause of high inventories is, of course, continuing slow demand caused by decreased economic activity. Refinery output is also low. Tomorrow and Wednesday should have interesting numbers and the explanations should be the same.
RBOB rose 1.35 cents while heating oil dropped 1.45 cents. Street prices are up and following RBOB.
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