The Commerce Department reported that the economy grew at 3.2% in the 1Q, the dollar dropped vs. the euro, and gasoline consumption in the trailing 4 week period ending last Friday, 4/23, surged 3.1%. This lead to another bullish trading session with a $0.94 increase over yesterday and a similar increase on a week to week basis.
Imports may be affected by the spill in the Gulf of Mexico but there is so much crude in the system that prices may not be affected. The market remains in contango because of the high inventory levels.
For the week, crude +$1.02, $86.11, gasoline +3.77 cents, $2.3947, distillate +3.4 cents, $2.287.
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