The official jobless rate is 9.8% and if the underemployed and those no longer looking are included in the unemployment statistics the jobless rate would be over 17%. Refiners are shuttering refineries because demand is declining and somehow traders and analysts are talking about an improved economy and trading up futures prices. Crude reached a 7 week high of $73.79 and distillate ended at $1.9146 and gasoline closed at 1.8215.
OPEC is doing its part to raise prices and has once again revised upwards its demand forecast for 2010. Technical experts are talking about resistance at $76 if the $75 level is pierced. Tomorrow's inventory numbers should give us an idea of where prices are headed as the Energy Department is forecast to show increased inventories of crude and gasoline. Inventories of distillate are higher than they've been for over 26 years.
Interesting note on street prices here as there was no movement. With all the rainy weather I wonder if the USTs were filled up over the weekend and retailers haven't yet refilled. Cooler wet weather in the north may mean more distillate use but in the south it may mean just less driving.
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