There was a six dollar decline in futures prices the past week including three straight days of losses that cemented this downward trend. Following crude were weekly decreases of 15 cents for distillate and 20 cents for gasoline. Street prices here have not yet followed crude or RBOB to the extent they have fallen but we'll find out where street is headed over the weekend.
Strange thought of the day is Goldman Sachs predicting increased demand the rest of the year. Strange because demand continues to deteriorate and the latest report from the manufacturing sector also shows a slowdown. Technical analysts are now talking about support levels in the lower $60's. Is Goldman just trying to talk up the price?
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