For a 4th straight day day crude and products futures prices declined. The trend to watch is the expanding contango spread between front month and the next month. The difference between January and February is now almost $2 and growing. The reason for the swelling is the large amount of worldwide inventory. Refiners and other large users are cutting back on contracts and purchases in an attempt to prevent huge losses in owned inventory of crude and product. It did not help that Fed Chairman Ben Bernanke was talking down the economy today by saying that it faced "headwinds."
For today crude -$1.87 to $73.87, gasoline -3.55 cents to $1.9465, distillate -3.17 to $2.0095.
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