A number of reasons for the 4.5% increase in crude futures today: demand has increased 0.6% in the trailing four weeks ending May 21 and there is an increase over last year and not just the previous reporting period; Cushing inventory had a slight decrease; the front end month versus the further out month premium has declined to $1.00 and this also portends increased demand; and, counter to how the markets correlate, the dollar rose and the euro fell. The latter outcome was overlooked today because on most Wednesdays the EIA releases the inventory report and all eyes were focused on industry statistics.
Today, crude +$3.07, $71.51, gasoline +4.22¢, $1.9666, distillate +5.39¢, $1.9184. Street starting to move down at $2.319.
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