There was only bearish news for oil today. Average demand fell 3.2% when compared to the same period last year. Refinery utilization was down to 86.1% from 87.2%. The New York Federal Reserve manufacturing index fell to -7.8 from 11.9. More telling for the industry was that distillate demand, both jet and diesel, fell 5.2%. Thus crude fell below $95 for the first time since early February. With the Greek debt problem hanging over Europe, the euro fell and the dollar rose. The bad economic news led the DJIA to fall 1.5%.
Today WTI-$4.56,$94.81; Brent-$3.11,$117.10; RBOB-14.11¢,$2.9235; HO-14.1¢,$2.9848.
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