Traders, analysts and the markets are trying to catch their breath and crude barely moved down and there were small decreases for gasoline and distillate today. Inventory continues to build and Cushing continues to break records with the amount of barrels it is storing. Demand remains weak and the political problems in SE Asia and southern Europe would seem to indicate weakening demand. Refinery runs are down to 87.9% from 88.4% as refiners are cutting back on production as they think demand may not be as robust as originally forecast.
BTW, the world is focused on the sovereign debt crisis in Southern Europe as depicted every day in the violence in Greece but there is great violence among the most peaceful people in Thailand that is somehow not shaking southeast Asia the way Greece is affecting Europe. The monarchy has not been able to assert itself and make the factions stop fighting. A true tragedy is unfolding.
Today, crude -$0.18, $69.58, gasoline -2.1¢, $2.019, distillate -1.71¢, $1.9481.
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