The market must not have read the report on falling gasoline sales and the highest gasoline prices in over a year as crude rose $1.57/bbl and distillate followed suit by 2.9 cents and gasoline was also up by 1.13 cents. Prices are up over last year even on a trailing 4 week basis and now leads to speculation about what price will lead to demand destruction, $3/gal or $3.5/gal or some number below $3/gal.
The government's inventory report is scheduled to be published tomorrow and that should decide the market's movement for the rest of the week.
So far nothing in the market suggests that the climate bills being discussed have affected the markets.
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