Friday, June 3, 2011

June 3, 2011

Crude prices early on were falling because of the unemployment rate increase and the small numbers of jobs created versus the expectations. However, the dollar also fell on news that an agreement was soon to be reached concerning the soverein debt problem facing Greece. These two forces, bad economic news pushing the crude down and the falling dollar pulling crude up, led to a settlement price below yesterday but still above $100. Both gasoline and distillate made definitive increases while Brent presaged WTI but oppositely and barely increasing over yesterday.

Even in a holiday-shortened week, there are a number of price ups and downs but a week to week comparison shows how little the crude market really moved while products both had significant movements but in opposite directions. For the week, WTI-1¢,$100.22; Brent+$1.16,$115.84; RBOB-9.89¢,$2.9931; HO+6.62¢,$3.0567.

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