There was a carry over effect today of the OPEC decision not to formally increase production quotas as crude rose to its highest level in a month. Brent continued to increase at a higher rate and the Brent premium is now at $17.64 when all of last year it averaged about less than $1. There is a feeling among analysts that Brent more accurately reflects the market because NYMEX is unduly affected the Cushing storage inventory.
There was also a reduction in the trade deficit and this helped set the tone for the trading today. If there was any pull in the opposite direction it came from the preliminary jobless numbers that showed another increase.
Today, WTI+$1.12,$101.93; Brent+$1.63,$119.57; RBOB+5.95¢,$3.0398; HO+4.43¢,$3.1378.
No comments:
Post a Comment