The tail wagged the dog this Columbus Day as corn futures were seen to be bullish because of a less than expected corn crop yield and that meant that ethanol prices would rise and this caused an increase in gasoline futures. The opposite happened on the crude side as equities rose and the dollar gained leading to a slight crude decrease. The real issue is whether there will be greater future demand for fuel products and so far the supply and demand balance is tilted greatly towards supply.
Today, crude -44¢, $82.24; gasoline +1.75¢, @2.1672; distillate -0.19¢, $2.2807.
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