At quarter's end, we need to take a look at how prices have been moving in the 2Q since all the factors that were evident at the end of March were still in play today.
The Greek sovereign debt crisis is still with us even if the Greek parliament has passed austerity measures. The dollar is still in a dance with the euro and right now the dollar is falling while the euro is rising because analysts believe that the Eurozone will find a way to solve the debt problems even while demonstrators are in the streets clashing with police.
It is worth noting that NYMEX crude has fallen much more in the 2Q than Brent or gasoline or distillate. U.S. refiners may be able to make greater margins since this is the driving season and they may be taking advantage of the seasonal driving patterns and supply and demand. IEA and the U.S. government may have jumped the gun on the SPR release as today NYMEX passed its settlement position on June 22 the day before the SPR release was announced.
For the quarter, WTI-$11.30,$95.42; Brent-$4.88,$112.48; RBOB-7.6¢,$3.0316; HO-15.71¢,$2.9327.
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