The market is thinking short term and short term considerations are causing prices to rise. Demand continues at lower levels and refining utilization remains below 80%, 77.7%, at the end of January, but the ongoing strike at refineries and terminals in France is driving the price up. Normally when the dollar strengthens as it did today, oil falls. That was not true today as both dollar and oil rose.
Today, crude +$0.62 to $80.13, gasoline +3.29 cents to $2.118, distillate +1.91 cents to $2.118.
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