Facing a three day weekend and with no good economic news in sight, traders decided to continue the trend of falling prices today and crude, gasoline and distillate closed the day lower. The unemployment percentage barely moved downward from 9/7% to 9.5% but that is because the number of unemployed people who stopped looking for work increased to offset the 125,000 jobs shed by private non-farm employers.
It is a statement by the market that prices are falling early in the summer when the driving season has just started. Compared to a week ago, crude -$6.76(-8.6%), $72.12, gasoline -19¢(-8.8%), $1.9779, distillate -20¢(-10.4).
No comments:
Post a Comment