It is All Hallow's Eve and we should look not just at the daily movement but the week's and the month's movements as well to see the trends.
Crude fell $3.04 in one day, lost $3.34 over a week but rose $6.39 over the September 30 close. This looks like definite movement. There is much talk of macroeconomic trends such as the loss of consumer confidence but demand and supply fundamentals had a say with refinery cutbacks and lower imports.
Gasoline fell 5.9 cents Friday over Thursday, declined 8.2 cents from last Friday, and rocketed 23.4 cents for the month. That is 8 cents better than what crude increased for the month if you make the barrel to gallon adjustments. The refinery strategy of cutting back on utilization seems to be working.
Distillate had a one day fall of 5.4 cents, a one week loss of 6.3 cents, but also gained 16.4 cents for the month. Here the numbers say that distillate is following crude. I would have thought there would be greater increases here because winter is around the corner and colder weather is expected for this winter.
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