The Fed announced today that interest rates would continue to be set low to spur economic growth. The market then ignored rising crude and product inventories and the continuing financial crisis in Greece that seems to also threaten Portugal and now Spain and crude and gasoline prices rose marginally while distillate fell. The probable future availability of cheaper funds for economic expansion led analysts to discount bearish fundamentals. Even refineries are in the expansion mode as the utilization rate is now at 89%.
Today, crude +$0.48, $82.72, gasoline +0.35 cents, $2.3205, distillate -0.4 cents, $2.2203.
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