After two days of climbing, the market went down today. The resurgence of the dollar and the continued uncertainty caused by the European sovereign debt crisis has led to a channel change of crude pricing. For the past two weeks, the market has a range of $68 to $77 rather than $77 to $87. This channel change is supported by the ongoing inventory build. The contango premium has slimmed down and that might mean that more demand is foreseen in the closest month.
Today, crude -$1.76, $68.44, gasoline -4.56¢, $1.9244, distillate -3.79¢, $1.8645.
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