There was mixed news about the dollar, the economy, and Greece, and there are expectations that last week's inventories will show a decline with the release of the EIA report tomorrow. This led to a volatile trading day but in the end there were slight increases for crude and product. In February only one trading day ended over $80 and that was on February 22. January started strongly in the low $80s including a high of $82.93 on January 6. However, March has seen only one day close below $80 and that was on March 15 at $79.89. Traders have continued to ignore the oil market fundamentals and are trading that the Spring driving season will see demand strengthen to historical or near historical levels and thus their futures buys would have paid off. Despite last week's news that there were errors in the EIA estimates, everyone still awaits the mid-week release of inventory. We'll see what tomorrow brings.
Today, crude +$0.55 to $81.80, gasoline +0.27 cents to $2.2763, distillate +1.1 cents to $2.2563. Street was at $2.549.
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