I return to my observations and analysis of the petroleum markets after taking time off to attend my daughter's wedding. A short historical digression before we get to the news of the day.
Today's importance is little recognized by modern commentators but Emperor Constantine the Great defeated the army of Maxentius at the Battle of the Milvian Bridge 1,698 years ago. Constantine later converted to Christianity and made Christianity a legal religion in the Roman Empire. Emperors often claim to have visions and hear voices but Eusebius claimed that Constantine himself told him he saw the sign of the cross cover the sun and he heard a voice say, "In hoc signis, vinces." Christianity took a big step nearly 1,700 years ago today.
Very few analysts totally trust the first economic report and today's release of lower than expected unemployment claims did not lead everyone to buy at higher prices. The dollar's weakness led the market to rise but that increase was stunted by yesterday's inventory report on supply builds.
Today, crude +26¢, $82.20; gasoline 1.9¢, $2.1139; distillate +0.59¢, $2.2442.
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