Oil traders followed the equities markets today and as the positive earnings reports came in and stocks rose, so did the trading numbers for crude rise. Everyone wants to be hopeful but this is still an oversupplied market with little, if any, demand growth. The positive earnings reports augur improved demand but the reports so far have not been consistently positive. It remains to be seen on Wednesday if crude and product inventories have fallen again or whether there is an increase in one or the other or both.
Today, crude +50¢, $76.53, gasoline +1.04¢, $2.059, distillate +0.53¢, $2.017.
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