New month, new outlook on the economy seems to be the theme for the trading day. Fundamentals do not seem to matter as refinery utilization was down 0.7 to 87.0 and the decline of gasoline and distillate inventories is a result of this lower output. One of the outcomes of the decreased utilization is that crude inventory was even higher than forecast. All this news was disregarded by the oil traders as crude rose 2.8%. The fall of the dollar in today's trading added to the move to buy at higher prices.
Today, crude +$2.19, $73.98; gasoline -0.16¢, $1.8878; distillate +5.78¢, $2.0426.
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