The dollar is surging against the euro and since the financial markets are so much bigger than the oil market, crude fell for a 3rd day and has fallen 10.8% in 3 trading days. The Greece debt problem foreshadows even bigger problems with Portugal, Spain and Italy and is punctuated by the continued violence in the streets. Today's stock market descent of almost 1,000 points was due to some kind of error but it has made all markets nervous. With the continuing inventory build and uncertain future demand, price really has no place to go but down.
Today, crude -$2.97, $76.90, gasoline -8.14 cents, $2.1424, distillate -7.92, $2.1035. Gasoline retailers are intent on making some margins while prices fall and street prices have remained unchanged at $2.699.
No comments:
Post a Comment