A week's worth of exuberance for higher prices met the cold, hard facts today and prices fell for for the first time in five trading sessions. The dollar gained against the euro and amid reports that the Cushing, OK, storage was nearing inventory levels not seen in many years as well as reports of more crude floating storage being leased. Leasing floating storage means that there is significant oversupply and that it is profitable to hold on to inventory and wait out the market. One bit of good news is that crack spreads are now over $14/barrel.
Today, crude -$1.12, $83.97, gasoline -1.01 cents, $2.3395, distillate -1.4 cents, $2.2343.
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