Crude, gasoline and distillate saw inventory builds last week as reported by the Energy Information Administration (EIA)today. These inventory builds together with reports that China's economy grew above predictions at nearly 10% last month caused crude and product prices to fall today despite the good news about an unexpected fall in new jobless claims and a12%+ increase in existing home sales. Compounding the analyses of the market's movements is the very large premium for Brent (or discount for NYMEX) because of the large, and seemingly growing crude, inventory in Cushing.
Today, crude -$2.02, $88.86; gasoline +5.78¢, $2.4238; distillate -3.38¢, $2.6226.
No comments:
Post a Comment