The dollar fell and stocks rose, therefore crude increased $2.21/bbl while gasoline rose 4.38 cents and distillate was up 6.33 cents. Crude imports are down and so are refinery runs but inventories are projected to be higher for crude and product.
Merrill Lynch has floated a balloon with a forecast of $10 crack spreads for heating oil despite current spreads around $4.65; wishful thinking or reality based? Meanwhile Saudi Aramco notes that 4 million barrels per day oil fields may remain idle. Crack spreads are going anywhere up unless even more fields are made idle.
Street prices did not move.
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