Inventories saw a draw of 2.2 million barrels when a build of 1.3 million barrels was expected. Added to the dollar's drop, this led to a strong session for crude and products. Latest figures on demand were positive as was the report on refinery utilization and both of these would seem to lead to higher prices. This should confirm the move to $90 crude as more positive economic data is reported. Whether higher prices will lead to decreased demand is yet to be determined. After 5 down days, the market seemed to find a new road.
Today, crude +$1.84, $85.85, gasoline +2.46 cents, $2.3326, distillate -2.77 cents, $2.2419. Street steady at $2.649.
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