There have been many revisions of economic news during the past year and I always wait a week or two for the revisions. I am therefore skeptical about the report of 5.9% GDP growth for 4Q 2009. I am less skeptical about the report that the number of vessels used for floating storage dropped 20% in January. That tells me there there's product movement and this normally flows from economic activity. Today's price increases were all about the improving economy and declining dollar.
For the week, crude +$0.13 to $79.64, gasoline 4.75 cents to $2.09, distillate +4.13 cents to $2.0241. Street price was $2.439.
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