The early take today on the weekly supply report seems to have confused traders as they initially bought futures and raised prices but then the true nature of the supply report kicked in. We are awash in supply all over the world and not just in the USA and demand has not picked up sufficiently to reduce supply even in the normally high demand summer.
The trading band is quite narrow. Prices may move a lot during the day but the settlement prices remain within pennies range not even a dollar, up or down, for nearly a month. This seems to come from a wish to drive the prices higher but there is no support for a real push to go over $76.
Today, crude -40¢, $74.26, gasoline -0.61¢, $1.9354, distillate -1.76¢, $2.065.
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