There was a lot of talk about the economy, the jobless rate and the dollar today but in the end crude and products barely moved. Traders and analysts forgot that there were only three reporting days during the Thanksgiving holiday week and made a big deal about the perceived fall in unemployment claims. The really important data were the increase in crude inventory and the continuing decrease in demand. Commodity traders keep talking the economy up but the fundamentals of supply and demand are the inconvenient truths at this point.
Crude closed -11 cents at $76.27, gasoline +.49 cents at $1.9911, distillate +1.35 cents at $1.9911.
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