May 3 was the last time crude settled this high. The dollar was stronger today but so is the economic outlook. Crude inventories rose but gasoline and distillate stock were drawn down. This seems to be more a matter of refinery utilization rather than supply but the market should work that out sooner or later. The printing of money or money expansion as Bernanke calls it is seen as positive and that added to the all-around good feeling that analysts were enjoying the day after the midterm elections.
Today, +77¢, $84.66; gasoline +2.71¢, $2.1365; distillate +3.59¢, $2.329.
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