Many analysts saw China's earlier release of July's crude imports that showed considerable gains as a sign of an improved worldwide economy. Today China's August crude imports were released and there was a significant decrease. Was it timing of counting imports one month and not the next or did the Chinese government manipulate the numbers?
It doesn't really matter because the ongoing story about the economy and continued reduced worldwide demand is the real story. The China import story and the high inventory numbers caused crude to fall $3.02 or 4.2% from yesterday's closing. Gasoline fell 5.54 cents or 3.1% while heating oil also decreased 6.94 cents or 3.9%.
Refineries will be re-tooled for the winter formulations and that will mean less product in the market but inventories are so high, especially distillate, that prices may not rise as much as they normally would.
Remember the fallen of 9/11.
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