With mixed economic messages from the Commerce Dept. that retail sales were up but manufacturing was down, analysts are back to reading fundmentals of supply and demand. The large inventory drawdowns the past two weeks have pushed the price clost to $90 but late last week currency and global economic factors led to a major reassessment of petroleum demand and prices crashed. Today the market went sideways barely moving up or down for crude and products. The focus seems to be whether there will be a significant inventory draw or a build up.
Today, crude -12¢, $87.75; gasoline -0.63¢, $2.1945; distillate +0.73¢, $2.3687.
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