The dollar was up, equities were down and so were commodities including crude. OPEC will continue to produce at their current levels and will not work to stop cheating among its members. With Moody's talking about dropping the credit ratings for the US, the UK, Germany and France, it is hard to understand why prices are not dropping even further. Looking at the technicals that say that prices can continue to increase is like looking into Syd Barrett's eyes when he was still playing Astronomy Domine and Interstellar Overdrive in the mid-1960s. Pricing April product so high when demand continues below last year's levels cannot make numeric sense.
For the day, crude -$1.35 to $79.89, gasoline -2.91 cents to $2.2252, distillate -3.47 cents to $2.0613. Street prices fell from $2.569 to $2,529.
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