Crude dropped on news that the dollar was strengthening and commodities were falling. In addition, there was more bearish news for crude with inventories being at their highest level since late last summer. Crude supply is high because of rampant cheating by OPEC members producing and delivering oil at discounted prices below those posted in futures markets. If demand does not rise appreciably in the Spring and Summer, prices could begin to fall beyond the current 12 month lows in the mid $60s as the cost of holding inventory becomes too high.
Today, crude -$0.54 to $82.23, gasoline -0.7 cents to $2.301, and distillate -2.02 cents to $2.1175. Street prices were up to $2.599.
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