The economic news is bad. The trade deficit widened to almost $50 billion. There are signs that the economy is either in double dip or slowing considerably. The equities market has seen considerable losses this week. Mean time, product inventories for both gasoline and distillate are building while crude inventories were falling though crude supplies are still at all time highs. Refinery utilization is down 3.1% from the previous week to 88.1%. This all points to weak demand.
Today, crude -$2.21, $78.04, gasoline -8.78¢, $1.9975, distillate -5.02¢, $2.0752.
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