The market affirmed today that crude will move inverse to the dollar. The dollar moved up today and crude and products all fell to their lowest level since 10/14. Early on the infinitesimal downward movement of the unemployment rate led traders and analysts to buy crude and products up but the dollar improved and the supply and demand elephant in the room reversed the upward movement.
OPEC is making noise that production quotas will not be changed but Nigeria is said to be cheating significantly. No matter, the planet is awash in crude as ULCCs and VLCCs are said to be full and tethered to their moorings, Mediterranean and otherwise.
For the day, crude -$0.53, gasoline -1 cent, distillate .3 cents.
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