Sometimes the movements of the markets are a mystery and today's market session settlements is one of those times. There were builds in inventory for crude and both products. Petroleum consumption is down 1.2% from the previous week and this is August where we are supposed to be coming to the end of the high gasoline demand summer driving season.
Other economic news was also pessimistic. The bad news on house sales was extremely negative. The increase in durable goods orders was only a meager 10% of forecast. However, the dollar did fall versus the euro.
Today, crude +77¢, $72.49, gasoline +1.44¢, $1.8639, distillate +1.51¢, $1.9706.
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