WTI continued its two week slide as even the violent demonstrations in Bahrain could not interest traders into buying higher. In anticipation of tomorrow's EIA inventory report, the data that was available for WTI and gasoline was for stock builds while continued draws in distillate were expected. Economic news was also bearish and the dollar gained in late trading against the basket of six currencies. However, every trader is now paying attention to the continuing crude inventory build in Cushing that has kept WTI insulated from geopolitical events. Tomorrow's EIA report will either confirm the continuing build or presage greater future demand. The Brent premium narrowed as Brent fell even more than WTI.
Today, WTI -48¢, $84.33; Brent -$1.38, $101.70; gasoline -2.7¢, $2.4904; distillate -2.04¢, $2.73.
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