The unexpected rise of crude and product inventory made the market go sideways today. The dollar strengthened against the euro but the higher than expected inventory increase led to crude rising minimally and no movement in gasoline while distillate rose because of the reopening of European airports. European traders seem to think that demand will pick up and Brent, normally selling at a discount off NYMEX, has been selling at a premium for the last 7 trading days. The market remains in contango with analysts expecting lower prices in the near term.
Today, crude +$0.38, $83.76, gasoline no change, $2.2871, distillate +2.29 cents, $2.2871.
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