The market moved sideways today because of the volatility of the sign posts used to decide buying strategy for the day. The jobs report seemed positive as did the service sector report. However, the crude build demonstrates weak demand and the fall in refinery utilization echoed the market weakness. Too often economic numbers and jobless numbers are revised and the market has to make a correction. The crude build and the falling product stocks due to reduced refinery operations is a sure indicator of weak demand.
Today crude +$0.16 to $77.02, gasoline +3 cents to $2.04, distillate -0.12 cents to $2.0188. Street price +6 cents to $2.369.
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