NATO's air forces have effectively changed the momentum of the Libyan Civil War against Ghaddafi in favor of the rebels. There was news today that the rebels could begin exporting production in a week. This positive, for greater supply, news led to a fall in both crudes and both products. There has been a feeling among analysts that prices are a bit high for the weaker than expected global demand and because of the considerable supply around the globe, especially in the bench mark storage point in Cushing. The risk premium will not yet disappear but there is strong indication that prices are too high for the fundamentals.
Today: WTI -$1.42, $103.40; Brent -79¢, $114.80; gasoline -2.12¢, $3.0233; distillate -2.3¢, $3.217.
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