Refiners have been managing inventory so well that while crude was going up the equivalent of 4.2 cents, gasoline was up 7.3 cents and distillate was higher 8.35 cents. The cold winter has also helped to use up more distillate. OPEC increased production in December. Demand may be increasing in Asia, not necessarily in the USA, and that may cause prices to rise anyway while we look for good economic news here.
For the week crude +$1.78 to $79.83, gasoline +7.3 cents to $2.063, distillate +8.35 to $2.1235.
Happy New Year!
No comments:
Post a Comment