This is the month that you need a longer perspective about prices than just what happened yesterday and all the events that occurred that led to the way prices moved that day. In just the settlement amounts the past three weeks there was high of $113.56 and a low of $96.91; there were six days in which the price was above $100 and 9 days when the price was below $100. Obviously there are many factors tugging and pulling at the market and influencing prices and what analysts say out loud may not be how they are acting.
The positives have been that demand seems to be picking up and the rise in refinery utilization has been tracking that increased demand. The euro and the dollar continue to do their dance and there are no long term movements as the Fed continues to inflate the economy and weaken the dollar while Europe has significant sovereign debt problems that sap the strength of the euro. It did not help that one of Europe's top financiers involved in getting the sovereign debt problems fixed was literally caught with his pants down.
For the week, WTI-16¢,$99.49; Brent-$1.44,$112.39; RBOB-13.86¢,$2.9358; HO-2.39¢,$2.9183.
No comments:
Post a Comment