The headlines were all the same, "Crude falls for the 9th straight day". In fact it was the lowest close since the last days of September and for the 9 trading sessions crude has fallen 12%. The report on declining European industrial output accentuated the drum beat of huge crude stock piles around the world. This large inventory and the continued slow demand for oil products are also responsible for contango where near month futures are lower priced than months further out.
For the day, crude -14 cents to $69.54, gasoline -.31 cents to $1.8283, and distillate -.47 cents to $1.9014.
No comments:
Post a Comment