The bears were out in full force today and prices were in full retreat. Economic news was bad on many fronts such as the unemployment report, home sales, manufacturing, and construction. China's growth seems to have stalled which should not be surprising as the US consumers are China's top customers. The news is no better from the industry itself where crude inventories are higher than they've been since the early 1980s while demand dropped in June.
Prices started out high just this past Monday, closing at $78.27. That price was 4% below the settlement price on the first day of the trading for the year at $81.49. Today's closing price is 6.8% lower than Monday's, just 4 days ago. Of course, it is hard to be optimistic about the economy with the numbers released the past couple of days.
Today, crude -$2.68, $72.95, gasoline -7.06¢, $1.99, distillate -4.86¢, $1.93.
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