There seems to be a pall over the economy now that we've hit month's end and the economic reports start to come in. The first round of announcements about GDP revealed that GDP rose 2% in the 3rd quarter. This was already lower than expected and normally the follow up to this announcement is an adjustment downward. The rumors about the actions the Fed will take next week are also all about further stimulating the economy but the Fed has really run out of ideas for making the economic picture better.
The fall of the dollar did not raise crude and products today the way it normally sends it rising when dollar loses ground against other currencies. The unforeseen inventory build announced Wednesday leaves traders worried that they could be holding expensive product in a falling market.
The big news for Ocotober was the 9¢ jump in gasoline futures: crude +$1.20, $81.17; gasoline +8.87¢, $2.0822; distillate +2.7¢, $2.2175.
No comments:
Post a Comment