Concern about the demonstrations in Iran and the new EIA inventory reports that show draws for crude and product led to small increases futures for crude and product. Refiners have done a good job of anticipating demand and have continued to pare down inventory. Production was up for the week 0.7% while imports were up 4.2%. However, total product supplied was down 1.6% for the week and may indicate that demand is not really on the rise. The dollar's strengthening probably mitigated any greater upward movement.
For the day, crude +$0.56 to $79.47, gasoline +2.1 cents to $2.036, distillate 9.9 cents to $2.1142.
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