Apologize for stating that inventories would be revealed today. Columbus Day, Monday, was a holiday in New York and EIA must also have taken the day off. Inventory will be reported tomorrow. Anyway, no surprise as street prices here climbed up several rungs on the ladder by 15 cents. Talk about waking up with a vengeance.
Lots of talk about how technicals are now pointing up to $78 now and then they'll point to $80 and then $85. Crude reached $75+ before settling at $74.81. I am not sure that is the real path because of inventory but we'll know better tomorrow. This crude futures price is still in the $65 - $75 range but there is irrational exuberance from traders about where prices are headed.
Distillate climbed 2 cents and gasoline was up 2.3 cents.
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