Moderate gains in crude and product today as the markets reacted to the $1 trillion dollar bail out plan for Europe's financially strapped southern tier. The euro was up slightly and thus the dollar was down slightly. There's more optimism about the direction the economy is taking and this led to today's price increases.
The past couple of weeks have seen a number of "mood swings" as analysts and traders try to understand what is driving the market. There have been a number of indicators that have been spun to make them seem positive but the continued increase in US supply despite logistics problems in the Gulf is a worrying negative factor. The other is the talk of a jobless recovery. People who have no jobs don't have money and don't buy gasoline.
Today, crude +$1.19, $76.50, gasoline +4.4 cents, $2.1724, distillate +3.56 cents, $2.1195.
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