Crude reached a 15 month high of $83.95 before descending to $82.33. The dollar's fall and the warmer weather forecasts not just for North America but even China led to the increase. Cognizant of above average inventory levels for distillate despite decreased production and imports, prices finally settled lower than last Friday's close. Despite refinery utilization rates 15% lower than the average of the past 5 years, there is little concern for low supplies or even outages. Prices were also buoyed by China's report if increased imports.
For the day, crude -$0.32 to $82.33, gasoline -1.8 cents to $2.1367, distillate -1.45 cents to $2.1750.
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