Lots of noise and static about where the market is headed. Today was one day where there was a lot of talk but the action turned out to be sideways and down and little. The dollar is trending stronger and there is still a tendency to try to forget that demand has not increased in any measurable way while huge inventories around the world are not being drawn down. Today, even the attack on Nigerian facilities, the closure of the Iraqi pipeline to Turkey and the continued bullish talk from OPEC could not raise prices. The true indication of how OPEC really feels comes from the quota compliance percentage. Compliance was at 58% last month, the lowest number in some time. It is also good to remember that many traders are out till after the holidays and trading might be light until the full crew returns.
For the day, crude -$0.41, gasoline - 2.42 cents, distillate 0.95 cents.
No comments:
Post a Comment