Lots of people wished but very few believed that crude would actually break the sideways track of $65-$75, especially with the kind of strong upward push as we've seen in the past 9 days. The 45 cent drop at settlement time was greeted with almost relief by analysts who don't quite believe the good economic news. Tomorrow's inventory report is forecast to be a crude build and a product draw.
As noted in an earlier post, there seems to be significant storage of crude in supertankers. However demand has not shown any real signs of positive movement and refiners are not yet showing any appetite for increasing capacity.
No comments:
Post a Comment