The European Union seems closer today to agreeing to further subsidize Greek workers at the level they have become accustomed no matter the cost and no matter the productivity. This led to an uptick for the Euro and a consequent down tick for the dollar. Added to this news were reports that economic activity in Asia was increasing and thus leading to greater petroleum demand. There is also good news from refiners as they have better margins this year than the past couple of years past and are able to produce more gasoline as there were a number of refineries shut down or not producing gasoline that will keep the margins profitable at an increased level of production. The prospects for crude look so good that OPEC announced that members are investing more money in drilling. All of this good news in combination led to a strong increase in crude and distillate futures and a modest increase in gasoline.
Today, crude +$2.56, $82.41, gasoline +2.85 cents, $2.2285, distillate +5.53 cents, $2.1215. Street price at $2.599.
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