August 5, 2009

Presenter at a webinar today on price responsiveness to fundmentals noted that data clearly stated that WTI is very responsive to inventory levels while Brent is less so. Despite bearish inventory news today, prices rallied after initial weakness. Street prices in Jonesboro and Memphis are catching up with the upward movement of crude and product. Discussion on "inside bar" seems to indicate that today's increases were technical driven.