Over the past 5 days there has been much discussion about what the Europeans were going to do with Greece, Portugal and other EU countries currently facing debt problems. On the other side of the world, China has increased bank reserve requirements. In the USA, weather has been absolutely brutal in the mid-Atlantic and now the Gulf Coast and parts of the deep South. Last Friday's inventory reports were released today because of the inclement weather and there were builds for crude and gasoline and a smaller than expected draw on distillate. Refinery utilization rose 1.4% to 79.1%, a positive sign,
There was so much volatility in the market this week, it is hard to remember that prices rose for the week even if they dropped from yesterday's closing. For the week, crude +$2.71 to $73.87, distillate +4.26 cents to $1.9136, gasoline +3.45 to $1.9165. Street rose 5 cents to $2.29.
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