OPEC, EIA, and IEA have all revised demand forecasts for the year upwards but the markets remain bearish. Thus prices fell from yesterday and show a loss for the week. It should be noted that in the past week the closing price band has been all in the $81 to $82 dollar range. This pricing range is indicative of a lot of movement during the trading day but a return to the range at the end of the day. Everyone wants to be optimistic but market fundamentals continue to point towards a drop in demand.
For the week, crude -$0.50 to $81.74, gasoline -1.52 cents to $2.2543, distillate -1.81 cents to $2.096. Street prices are at $2.69.
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