Initial U.S. Commerce Department GDP reports indicate an improving economy. It is important to remember that it is the initial report and every report in the past year has been adjusted downward but analysts overlooked that today and pushed prices up. Global cooling in North America and Western Europe is also impelling prices up. The period around the holidays see lower levels of trading and many moves now seem greater than they would normally be considered because trading is so light.
Today, crude +69¢, $88.81; gasoline +5.81¢, $2.3759; distillate +1.51¢, $2.4888.
No comments:
Post a Comment