The markets are not paying attention to technicals or fundamentals but are unsure of the geopolitical situation in the Middle East, especially Egypt. All the talk prior to the final settlement was that Mubarak would resign. With that news the market moved sideways , barely dropping 4¢. Brent dropped quite a bit more as did gasoline and distillate.
The trend remains bearish despite the 44 month high crack spread of $22.83. Gasoline and distillate inventory showed builds. With Cushing showing continued inventory builds, the Brent premium fell today to $13.14 from a really high $15.34 yesterday.
Today, crude -4¢, $86.73; Brent -$1.24, $100.87; gasoline -5.6¢, $2.47; distillate -6.28¢, $2.7107.
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