Analysts may have misread the inventory reports especially for gasoline because even though inventories were down, so were imports. Today was the second day with buzz about Bernanke threatening even more inflationary actions via QE3. This caused the dollar to drop and therefore commodities rose but the big mover today was gasoline, over 5 cents higher.
The falling imports may have to do more with order timing than with demand or available supply. IEA reported that the Saudis are producing more than before in an attempt to keep the supply available. It is interesting to note that in these times of seeming transparency we can't seem to know what is really causing the fall in imports.
Today, WTI+62¢,$98.05; Brent+$1.54,$118.78; RBOB+5.34¢,$3.1516; HO+1.21¢,$3.0997.
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