June is starting out with a certain amount of market indecisiveness as crude started out well but started falling after more thought during the day. The Gulf oil spill is affecting the trading of oil companies' stock and that led to negative territory for crude. BP is obviously in great trouble on the stock exchange and is still unable to cap the leaking well. BP's woes are affecting the entire industry and that has affected crude futures as well. Additionally, the news out of China is mixed and that led to caution in the market.
The inventory reports won't come out until Thursday because of yesterday's holiday. The market will interpret the inventory reports and try to make a connection between those reports and the dollar's position vs. the euro and the state of the world economy.
Today, crude -$0.55, $72.77, -2.16¢, $1.992, distillate +0.31¢, $1.992. A wide range of street pricing seen yesterday: $2.899 in suburban Chicago; $2.699 in central Illinois; $2.49 in the Missouri Boot Heel; and, $2.319 in Jonesboro, AR.
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