Analysts, unsure of which economic and industry indicators to base their decisions on, decided on the rosy picture today. The dollar fell against the euro but sales of new homes are on the rise. There is an initial report that the economy grew 3.4% in the first quarter but the sale of durable goods fell. It was take your pick. The market picked up even though inventories are higher than expected and that leaves the market in contango. This inventory caution also includes Brent's premium over WTI.
Today, crude +$1.35, $85.09, gasoline +5.21 cents, $2.3496, distillate +2.97 cents, $2.2483.
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