Oil moved sideways and a little down as the dollar strengthened while the stock market faltered. Distillate followed but gasoline went up. Concern about the fundamentals of abundant supply and anemic demand became evident as traders remembered the last time they were this exuberant about buying crude at higher prices and how much they lost within days. The financial markets may control how investors perceive commodities but it makes no sense to buy at higher prices when there is no economic underpinning of higher prices.
Today, crude -6¢, $81.58; gasoline +0.74¢, $2.0941; distillate -0.7¢, $2.287.
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