There seemed to be a holiday hangover in today's light trading that saw WTI hardly move but gasoline went up 1.43¢ while distillate fell 2¢. There is still a feeling of unease about high prices causing demand destruction despite growing demand in China. The pot of unrest in North Africa and the Middle east continues to boil as the Libyan situation remains unsettled while Syria's regime continues to command its security forces to shoot at anti-regime demonstrators. There was even the murder of an Israeli at Joseph's tomb in the West Bank by Palestian Authority security forces as a reminder of the tensions in the entire region. Today, however, was about the dollar's continuing fall and Bernanke's inflationary policies causing commodities to rise to the current heights with the possibility of even higher prices.
Today, WTI -1¢, $112.28; Brent -33¢, $123.66; RBOB +1.43¢, $3.229; HO -1.92¢, $3.18.
No comments:
Post a Comment