The unexpected draws on crude and product supplies supported the upward price movement caused by the continuing Libyan civil war and have pushed WTI over the $100 level. Gasoline has now joined distillate above $3. Ghaddafi's remaining loyalists and foreign mercenaries are counterattcking and contesting the rebel hold of cities outside of Tripoli. The longer the conflict festers, the more regional problems will surface and that includes Saudi Arabia and Bahrain. At this point, analysts are buying or selling futures for geopolitical reasons and not for technical or fundamental reasons nor are they looking at what is happening in the currency market.
Today, WTI +$2.60, $102.23; Brent +$1.24, $116.66; gasoline +3.12¢, $3.0295; distillate +3.37¢, $3.0577.
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