Tuesday, November 30, 2010

November 30, 2010

On the last day of the month, we continue to talk about the daily movements but we also point out what happened over the past 30 days. There's continued concern about the sovereign debt problems of Portugal and Spain and now Italy and this has pushed the dollar higher and crude followed in the opposite direction. With Ireland's bailout now being worked out, the problem with the southern European countries' debt is now in the forefront. Added on top of this is the concern for inventories. The release of the EIA's report tomorrow should inform the markets where inventories were last Friday and prices should be set by the report.

As interesting as the day to day movements are, the month to month movements show some interesting facts. Crude gained $1.45, gasoline jumped 15.77¢, and distillate rose only 2.52¢. This seems to indicate a return of gasoline buying at retail while diesel, heating oil and jet seem to really stand still with such a modest gain in price and with winter having already arrived in many states.

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