The market did not correct itself today and crude futures fell for the 7th straight day to their lowest level since 10/07. The movements of the dollar did not matter today as the world's huge inventories are lurking out there and no one wants to be holding high priced product if the market starts to really reflect fundamentals. Cushing, OK, storage is holding 47% more product than a year ago and are near historic highs. Also, floating storage estimates are for a 3% growth by year's end. As we approach year end, statistics such as the 4.1% drop in demand, lowest in 12 years, are receiving greater recognition. This may lead to a greater sell-off of futures and a further drop in price beyond $65, perhaps beyond $60.
For the day, crude -23 cents to $70.17, gasoline -3.1 cents to $1. 8317, distillate -1.4 cents to $1.90.
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