Greece and Portugal's credit ratings fell, the dollar gained on the euro, and there's an oversupply of crude and product in the US market. All these factors led to decreases in crude and product futures. The market remains in contango which means that analysts believe that demand will improve in the future. The early inventory release from API is of continued inventory build but the market will wait for tomorrow's EIA inventory report before a definite direction is taken.
Today, crude -$1.73, $82.24, gasoline -2.25 cents, $2.317, distillate -1 cent, $2.2243.
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