Eight is enough and so crude rose today after 8 consecutive decreases. The European sovereign debt crisis may be close to be solved, if temporarily, but the perception of the European economic condition and the continued inventory build have everyone thinking about lower prices. The high inventory levels are affecting crack spreads negatively as the summer driving season approaches. The discount for the nearer month from the further out month remains high and now that we are talking of July versus August it is obvious that demand may not reach earlier forecasts.
For the week, crude -$0.93, $70.04, gasoline -15.73¢, $1.9631, distillate -15.79¢, $1.8966.
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