Geopolitical events and the fundamentals of demand and supply find the two crude products in the market going in different directions. NYMEX WTI futures fell while Brent futures in Europe rose. WTI and Brent both moved upwards in the morning because of Ghaddafi's renewed attacks on Ras Lanuf, Libya's largest petroleum complex. When the EIA released the inventory figures late in the morning showing an increase of 2.5 million barrels and stocks totalling over 40 million barrels, the highest ever reported, WTI fell. The story became more complicated because both products, gasoline and distillate, showed large jumps upward when normally they would move parallel to WTI.
Today: WTI -73¢, $104.38; Brent +$2.80, $115.94; gasoline +7.19¢, $3.0208; distillate +5.42¢, $3.0657.
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