Crude remains stuck in the $65 - $75 range that it has been in since early August. The remarkable thing about product though is that gasoline is now 30 cents cheaper for the same price of crude while distillate is 7 cents below what it was in early August. This must be the effect of high inventories and declining demand. The day to day movements are great and some people make money playing the market in its ups and downs but if retail prices are falling and crack spreads are not really rising, nobody is making money.
It should be very interesting to find out inventory levels tomorrow. Also, the markets reaction to those levels.
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