Crude settled higher today as crude inventories drew down and the dollar fell due to the euro's strengthening. Portugal was able to sell its bonds and reports on the German economy were very encouraging and these two news items led to the euro's rise. There also seems to be some unease about the Trans-Alaska Pipeline being down. However, gasoline inventories saw a bigger build than expected and thus gasoline prices fell. Crude's increase was not extraordinarily great but added to the previous day's jump of $1.84 and this is now leading to talk of crude going to $100.
Today, crude +71C, $91.81; gasoline 1.58¢, $2.4626; distillate +1.1¢, $2.6178.
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